U.S.-based movie exhibitor National Amusements Inc.'s (NAI's) margin of compliance with covenants will likely fall below 10% by the end of the year, barring an amendment, as a result of declines in 2014 domestic summer box office receipts and continued underperformance. We are revising our rating outlook on NAI and its operating subsidiary NAI Entertainment Holdings LLC to negative from stable. We are also affirming our ratings on both companies, including the 'B+' corporate credit ratings. The negative outlook reflects our expectation that we could lower the rating if the company's margin of compliance with covenants falls below 10% without indications that it will reverse. On Oct. 6, 2014, Standard&Poor's Ratings Services revised its rating outlook on Norwood,
