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S&P puts Cinemark on watch
S&P said it placed its ratings for Cinemark Holdings Inc., including its BB rating, on CreditWatch with negative implications.
“The CreditWatch placement reflects our expectation that the spread of coronavirus will negatively affect theater attendance over the next few months and result in significantly lower EBITDA and cash flow for exhibitors in 2020,” said S&P in a press release.
S&P said it intends to resolve the CreditWatch as it gets more information on near-term box office attendance trends and potential updates to the film release slate and impact on financial performance due to the spread of coronavirus.
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