...- Holding company National Amusements Inc. (NAI) announced that it has reached an agreement with its lenders to refinance its $125 million revolving credit facility and cancel the $75 million revolver at its operating entity NAI Entertainment Holdings Inc. (NAIEH). - We are lowering our issuer credit rating on NAI to 'B-' from 'B+' because we expect the company's liquidity to remain thin for the rest of 2020 due to negative cash flow from extended theater closures and its limited borrowing capacity after the cancelation of the revolver at NAIEH. - All of our ratings on NAI remain on CreditWatch, where we placed them with negative implications on March 10, 2020. - We intend to resolve the CreditWatch placement as we receive additional information about the length of the theater closures and any potential changes to ViacomCBS' dividend policy, which could lead to a liquidity deficit. The CreditWatch reflects our expectation that NAI's liquidity will be limited over the rest of 2020 due to...
