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S&P: Six Flags on watch
Standard & Poor's placed its ratings on Six Flags Inc., including its B+ corporate credit rating, on CreditWatch negative following the company's announcement of weak operating performance in the second quarter ended June 30.
S&P estimates that debt and debt-like preferred stock to EBITDA rose to roughly 8.5x in the 12 months ended June 30 versus 8.0x in 2003. The rating had anticipated improvement in credit measures in 2004, which is now unlikely given the weak first half operating performance.
S&P placed on watch Six Flags' B- senior unsecured rating, CCC+ preferred stock rating and Six Flags Theme Park Inc.'s B+ corporate credit and senior secured bank loan ratings.
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