A subsidiary of U.S. movie exhibitor National Amusements Inc. has completed a $400 million Rule 144A senior secured notes issue, the proceeds of which the company used to repay existing debt. We are assigning the notes a 'BB' rating with a recovery rating of '1'. We are also assigning a 'B+' corporate credit rating to the company with a stable outlook. The stable rating outlook reflects our expectation that the company will be able to cover its debt-servicing requirements in the foreseeable future, despite thin interest coverage and high debt leverage metrics. On Jan. 10, 2011, Standard&Poor's Ratings Services assigned Norwood, Mass.-based movie exhibitor National Amusements Inc. (NAI) and its subsidiary, NAI Entertainment Holdings LLC (NAIE), its 'B+'
