Moody's drops Cineworld

Moody's Investors Service said it downgraded the corporate family rating of Crown UK Holdco Ltd. (Cineworld) to Ca from Caa2 and the probability of default to D-PD from Caa2-PD, following the announcement on Sept. 7, that the company had filed for protection under Chapter 11 of the U.S. Bankruptcy Code.

Moody's also cut the backed senior secured $462.3 million revolving credit facility to Ca from Caa2 issued by Cineworld, and the backed senior secured $450 million term loan to Caa2 from B3, the backed senior secured $200 million term loan to Caa2 from B3, the backed senior secured $110.8 million term loan to Caa2 from B3, the backed senior secured $3.325 billion term loan to Ca from Caa2, the backed senior secured $650 million term loan to Ca from Caa2, and the backed senior secured €607.64 million term loan to Ca from Caa2 issued by Crown Finance US, Inc.

The outlook remains negative.

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