S&P cuts Screenvision

S&P said it raised its ratings on Screenvision LLC and its loans to CCC+ from B-.

“We view Screenvision's capital structure as unsustainable due to poor cash flow and its dependence on favorable economic and business conditions. We forecast that Screenvision's operating performance will continue to struggle in the face of a sluggish recovery of in-theater advertising revenues. Given the lower expected revenue base, we expect operating leverage to be substantially limited with EBITDA margin of about 8% in 2022 and only improving to the mid-teens percentage area in 2023,” S&P said in a press release.

The outlook is negative.

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