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. On March 18, 2010, Standard&Poor's Ratings Services lowered its corporate credit rating
