A subsidiary of U.S. movie exhibitor National Amusements Inc. has launched a $390 million Rule 144A senior secured notes issue, the proceeds of which the company will use to repay existing debt. We are assigning the notes a rating of preliminary 'BB' with a recovery rating of preliminary '1'. We are also assigning a corporate credit rating of preliminary 'B+' 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, although EBITDA coverage of interest will be very thin. On Nov. 24, 2010, Standard&Poor's Ratings Services assigned Norwood, Mass.-based movie exhibitor National Amusements Inc. (NAI) and its subsidiary, NAI
