...+ U.K.-based visitor attractions operator Merlin Entertainments (Merlin) has announced solid results for 2014 and a debt refinancing; we anticipate these will support a further deleveraging of the company. + We estimate that in the year ending December 2014, Merlin's adjusted debt/EBITDA ratio fell below 4x, and will fall further in 2015, supported by the debt repayment of about ú130 million it has announced. + We are affirming the '##' corporate credit rating on Merlin and assigning '##' issue ratings and '3' recovery ratings to the company's new bank facilities and proposed bonds, which form part of the unsecured refinancing package. + The positive outlook reflects our opinion that there is at least a one-in-three probability that Merlin could transition to a higher rating in the next year, if adjusted debt/EBITDA remains sustainably below 4x, adjusted free operating cash flow to debt improves to sustainably more than 10%, and if adjusted funds from operations to debt increases to sustainably...
