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Moody's trims Main Event
Moody's Investors Service said it downgraded Main Event Entertainment Inc.'s corporate family rating to Caa2 from B3 and probability of default rating to Caa2-PD from B3-PD. Moody's also downgraded Main Event's senior secured bank credit facilities to Caa2 from B3. The outlook is negative.
"The downgrade reflects our expectation for a material deterioration in earnings, cash flow and credit metrics that are driven by the restrictions and closures across Main Event's entertainment center base due to efforts to contain the spread of the coronavirus including recommendations from federal, state and local governments" said Bill Fahy, a Moody's senior credit officer, in a press release.
“In response to these operating challenges and to strengthen liquidity, Main Event drew down the entire amount available under its $25 million bank revolver and will focus on reducing all non-essential operating expenses and discretionary capex,” the agency said.
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