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Crown UK Holdco Limited's (Cineworld) ("Moody's")Periodic reviewToday 02:33
Good Morning All the Long Cines shareholders. This is not a Moody's credit rating action.
Published 28th October 2020 - 18:11gmt
Moody's announces completion of a periodic review of ratings of Crown UK Holdco Limited
London, 28 October 2020 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Crown UK Holdco Limited and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.
This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.
Key rating considerations are summarized below.
Crown UK Holdco Limited's (Cineworld) Caa3 rating reflects the company's (1) scale and leading position as one the largest movie exhibitors globally, (2) good revenue diversification with leading positions across various markets and (3) strong value proposition offered by the industry and the integral role cinema's continue to play in studios' movie content distribution.
The rating is constrained by the company's (1) extremely weak 2020 results and the uncertainty around the extent and duration of the coronavirus related disruptions, particularly in light of the company's recent site closures, (2) tight liquidity profile that could deplete rapidly with continued cash burn over the coming months and the increased likelihood of breaching the financial covenants on its RCF and (3) significantly elevated Moody's Adjusted leverage which is expected to be sustained over the medium term, reflecting the unsustainability of the capital structure and the likelihood of a debt restructuring.
PLEASE DON'T SELL YOUR CINE SHARES HOLD ON AND DON'T LISTEN TO THE DAMN SHORTERS
https://www.moodys.com/research/Moodys-announces-completion-of-a-periodic-review-of-ratings-of--PR_432063?cid=
Good Morning All the Long Cines shareholders. This is not a Moody's credit rating action.
Published 28th October 2020 - 22:11gmt
Moody's announces completion of a periodic review of ratings of Crown UK Holdco Limited
London, 28 October 2020 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Crown UK Holdco Limited and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.
This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.
Key rating considerations are summarized below.
Crown UK Holdco Limited's (Cineworld) Caa3 rating reflects the company's (1) scale and leading position as one the largest movie exhibitors globally, (2) good revenue diversification with leading positions across various markets and (3) strong value proposition offered by the industry and the integral role cinema's continue to play in studios' movie content distribution.
The rating is constrained by the company's (1) extremely weak 2020 results and the uncertainty around the extent and duration of the coronavirus related disruptions, particularly in light of the company's recent site closures, (2) tight liquidity profile that could deplete rapidly with continued cash burn over the coming months and the increased likelihood of breaching the financial covenants on its RCF and (3) significantly elevated Moody's Adjusted leverage which is expected to be sustained over the medium term, reflecting the unsustainability of the capital structure and the likelihood of a debt restructuring.
PLEASE DON'T SELL YOUR CINE SHARES HOLD ON AND DON'T LISTEN TO THE DAMN SHORTERS
https://www.moodys.com/research/Moodys-announces-completion-of-a-periodic-review-of-ratings-of--PR_432063?cid=