Theater operator National Amusements Inc. (NAI)'s solvency is greatly improved because of the increased value of its equity stake in ViacomCBS. Additionally, stable dividends from ViacomCBS have limited its cash burn while theaters are closed. We are affirming our 'B-' issuer credit rating on NAI and removing the ratings from CreditWatch, where we placed them with negative implications on March 10, 2020. The stable outlook reflects our expectation that NAI's ownership stake in ViacomCBS will provide significant collateral value and sufficient borrowing capacity to address any liquidity needs over the next 12 months. Alternatively, studios could release more films through PVOD or directly to their proprietary streaming platforms, as Disney and Universal have done during the pandemic. Although we believe
