The company's exposure to volatile box office performance. Its relatively lower EBITDA margins compared with its peers'. The mature and highly competitive U.S. movie exhibition industry it operates in. The company's high debt leverage. Its high dependence on dividend distributions from Viacom and CBS. Its modest discretionary cash flow generation. The stable rating outlook on National Amusements Inc. (NAI) reflects S&P Global Ratings' expectation that, despite its exposure to volatile box-office performance, the company will be able to maintain an adequate cushion of compliance with its covenants and strong liquidity because of its equity holdings in Viacom Inc. and CBS Corp. We could lower our corporate credit rating on NAI if the company's total sources of liquidity falls below $150
