...Fitch Ratings affirmed the issuer default rating (IDR) of AMC, Marquee Holdings Inc. (Marquee; parent company), and AMC Entertainment Holdings, Inc. (AMC Holdco; parent of Marquee) at `B', and also revised certain issue level ratings (as detailed in the Fitch Ratings Actions table on page 2) to align with changes to Fitch's rating definitions. Approximately $2.4 billion in total debt is affected. The Rating Outlook remains Stable. The ratings and Outlook reflect Fitch's belief that leverage (net leverage of 6.5x and gross leverage of 8.5x) is at its peak and expects the company to reduce leverage over time. Further, Fitch estimates that the $550 million in cash through the Holdco level (as of July 2, 2009) will be deployed for the purpose of reducing leverage by either: 1.) reducing debt levels (likely through continued debt repurchases); and/or 2.) by making deleveraging/ accretive acquisitions. There is no tolerance in the rating for a high multiple acquisition or for dividends paid to...
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| Report Type: | Newsletter
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| Company(ies): | CapitalSource Inc., Navistar International Corporation, Conseco, Inc., Sovran Self Storage, Inc., Smithfield Foods, Inc., Terra Capital, Inc., RadioShack Corporation, Rite Aid Corporation, Developers Diversified Realty Corporation, Graphic Packaging Holding Company, AMC Entertainment Inc.
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| Ticker(s): | NAV , GPK , SSS , RAD , CNO , RSH , SFD , CSE , DDR
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| Issuer: | Smithfield Foods, Inc.
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| Free Sample: |
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| Format: | | PDF |  |
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