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S&P trims, rates Merlin notes B
S&P said it downgraded Motion Midco Ltd. (Merlin Entertainment) to B from B+, citing the effect of the coronavirus on its business. The agency also trimmed the rating on Merlin’s senior secured debt to B from B+ and on the senior notes to CCC+ from B-.
S&P assigned a B rating to the proposed £350 million equivalent senior secured notes. The agency said the offering could be upsized to £500 million.
The agency placed all ratings on CreditWatch negative.
“We estimate that Merlin had around £500 million of cash and drawn revolving credit facilities (RCF) at the end of March 2020. The additional £350 million equivalent would take total liquidity to £800 million. We estimate the group has a current cash burn rate of around £50 million per month (before additional interest costs assumed),” S&P said in a press release.
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