The rating on Norwood, Mass.-based movie exhibitor National Amusements Inc. (NAI) reflects Standard&Poor's Ratings Services' expectation that the company will continue to be subject to long-term industrywide declines in domestic theater attendance, very high leverage and interest costs, and a weak EBITDA margin compared to that of movie exhibitor peers. We view National Amusements' business risk profile as "vulnerable" (based on our criteria) because of its below peer average operating measures, and we view its financial risk profile as "aggressive" because of its very high debt to EBITDA and moderate cushion of compliance with covenants. The flexibility afforded by NAI and operating subsidiary NAI Entertainment Holdings LLC's (NAIE) consolidated holdings of Viacom Inc. and CBS Inc. voting common
