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Movie Theater Circuit Cinemark’s Credit Rating Upped By S&P Due To End Of Strikes; Outlook Is “Stable” Despite Soft Box Office
Movie theater circuit Cinemark’s credit rating has been raised by S&P Global, a small sign of optimism that exhibitors can weather the impact of Hollywood strikes and pandemic-altered mov…
Movie theater circuit Cinemark ‘s credit rating has been raised by S&P Global, a small sign of optimism that exhibitors can weather the impact of Hollywood strikes and pandemic-altered moviegoing habits. Sentiment on Wall Street and in the entertainment industry has been generally anxious about the viability of movie theaters with windows strategies shifting and the release slate lacking punch. The agency expects Cinemark to generate more than $250 million in free operating cash flow in 2024 and to use those funds to pay down debt incurred during Covid as opposed to issuing dividends or other perks to shareholders.
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