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S&P cuts Wallace Theater
Standard & Poor's said it lowered the corporate credit rating on Wallace Theater Holdings Inc. to CCC+ from B-, along with its senior secured notes due 2013 to CCC+ with a recovery rating unchanged at 3, indicating a 50% to 70% expected recovery in a default.
The outlook is negative.
The downgrade reflects Wallace Theater's narrowing liquidity in light of its fractional EBITDA coverage of interest and likely tough comparisons during the upcoming holiday and winter seasons, S&P said.
The rating reflects an expectation that the company's leverage will remain high and its EBITDA coverage of interest will continue to be thin, the agency said.
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