Blockbuster Inc. Ratings Lowered To 'CC' From 'CCC', Outlook Negative

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from S&P Credit Research
1123 word report published Mar 18, 2010

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Abstract:

Given the statements in Blockbuster's Form 10-K filing, there is substantial doubt about the company's ability to continue as a going concern and that the company may have to file for bankruptcy protection or may complete a distressed debt exchange or modify terms of its secured notes issue. We are lowering our rating on the company to 'CC' from 'CCC'. Our '3' recovery rating on the company's senior secured debt and '6' recovery rating on the company's subordinated debt remain unchanged. The negative outlook reflects our view that the company is highly vulnerable to default and that performance will be severely challenged in the near term. NEW YORK (Standard&Poor's) March 18, 2010--Standard&Poor's Ratings Services lowered its

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RESEARCH Ratings Definitions Blockbuster Inc. Ratings Lowered To '##' From '###', Outlook Negative Publication date: 18-Mar-2010 Primary Credit Analyst: Jayne M Ross, New York (1) 212-438-7857; jayne_ross@standardandpoors.com Secondary...

Report Type:

Ratings Action

Ticker:

BBI

Issuer:

Blockbuster Inc.

GICS:

Specialty Stores (25504040)

Sector:

Global Issuers

Country:

United States

Region:

United States

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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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