U.K.-based visitor attractions operator Merlin Entertainments PLC (Merlin) has completed an IPO. Following the IPO, the equity holding of Merlin's financial sponsors decreased to 32.7% and the company used £130 million of net proceeds for debt reduction. We are raising our long-term corporate credit rating on Merlin by two notches to 'BB' from 'B+', and removing the rating from CreditWatch, where it was placed with positive implications on Oct. 24, 2013. We are also raising our issue rating on the senior secured facilities issued by Merlin Entertainments PLC by two notches to 'BB+' from 'BB-', and removing the rating from CreditWatch positive. The stable outlook reflects our view that Merlin will adhere to a moderate and predictable financial policy and
