S&P ups Main Event

S&P said it raised its ratings on Main Event Entertainment Inc. and its senior secured credit facilities to B- from CCC+. The facilities’ recovery rating is unchanged at 3.

“Main Event's entertainment centers have now fully reopened, and demand exceeds our prior expectation. Following temporary store closures last year and a slow cadence of reopening amid the coronavirus pandemic, the company reached a turning point in the second half of its fiscal 2021 (ending June 29). It reported comparable store revenue growth in March and April well over 20% relative to pre-pandemic,” S&P said in a press release.

The agency noted some smaller rivals have permanently closed easing competitive pressures and it sees better than pre-pandemic revenues for Main Event in fiscal 2022.

The outlook is stable.

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