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Moody's rates Festival Fun Parks, notes B2
Moody's Investors Service said it assigned a B2 corporate family rating to Festival Fun Parks, LLC, a wholly owned subsidiary of Palace Holdings Group, LLC, and a B2 rating to its proposed $150 million issuance of senior unsecured notes due 2014.
The agency said Festival's ratings reflect its high financial risk, including high leverage, thin coverage of interest and capital expenditures and minimal free cash flow.
Ratings benefit, however, from diversity of cash flow, high barriers to entry, which limit competition from other water parks and family entertainment centers and the transaction's meaningful equity component at 25%, Moody's added.
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