In the 12 months to Dec. 26, 2015, U.K.-based visitor attractions operator Merlin Entertainments PLC reported broadly flat results, with like-for-like revenue growth of 0.4% and a 2.1% drop in EBITDA (at constant exchange rates). We believe the improvement in credit metrics that we had previously anticipated will be delayed, and that the likelihood of an upgrade in the next 12 months has reduced. We are revising the outlook on Merlin to stable from positive and affirming the 'BB' corporate credit rating on the company. We're also affirming the 'BB' issue ratings and on its unsecured facilities and bonds. The recovery ratings on the debt are unchanged at '3'. The stable outlook reflects our opinion that Merlin will maintain comfortable
