U.S.-based themed park owner and operator Herschend Entertainment Co. generated solid operating performance during the past year driven by increased attendance at the company's parks. The company ended 2022 with S&P Global Ratings-adjusted debt leverage below 3x and exceeding our prior expectations. As a result, we raised our issuer credit rating on the company to 'BB-' from 'B+'. At the same time, we raised the issue-level rating on Herschend's secured debt to 'BB-' from 'B+', in line with our upgrade of Herschend Entertainment. The stable outlook reflects our base-case expectation that Herschend will sustain our measure of adjusted leverage below 3x, incorporating volatility from macroeconomic pressure, providing significant cushion to our 4x downgrade threshold. The stable outlook reflects our base-case
