On Oct. 21, 2013, Merlin Entertainments PLC, the prospective U.K. parent of Luxembourg-based visitor attractions operator Merlin Entertainments S.a.r.l. (Merlin), announced plans for an IPO on the London Stock Exchange. We understand that the primary offering will raise £200 million in proceeds, which the group plans to use to reduce debt and pay transaction costs. We are placing on CreditWatch positive our 'B+' long-term corporate credit rating on Merlin and our 'BB-' issue rating on Merlin's senior secured facilities. The CreditWatch placement reflects the likelihood that we could raise our rating on Merlin by one notch on completion of the IPO and planned debt reduction. On Oct. 24, 2013, Standard&Poor's Ratings Services placed its 'B+' long-term corporate credit
