Moody's rates Universal City Development loan Ba3

Moody's Investors Service said it assigned a Ba3 rating to Universal City Development Partners Ltd.'s new $650 million senior secured credit facilities.

Moody's also affirmed the company's B1 senior implied rating and the B2 rating on its existing senior unsecured notes due 2010. The outlook is stable.

The ratings reflect Moody's concerns with Universal City's reliance on a single destination resort location that depends on out-of-state and overseas visitors, of whom over 50% require air travel and its high financial leverage of about 6x debt-to-EBITDA expected at year-end 2004, when taking into account the proposed distribution.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.