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Moody's: Carmike view negative
Moody's Investors Service said it affirmed the B2 corporate family rating, the B3 probability of default rating and the B1 (LGD2, 28%) senior secured bank credit facility rating for Carmike Cinemas, Inc.
The outlook was changed to negative.
Carmike continues to under-perform, the agency said, although it improved in some areas during the third quarter.
The B2 corporate family rating reflects Carmike's high leverage, sensitivity to product from movie studios and lack of scale, as well as a weak industry growth profile, Moody's said.
The company's dominant position in targeted smaller markets, good liquidity, strong concession margins and expectations for modest cash flow growth support the rating, according to the agency.
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