S&P Global Ratings has downgraded the credit rating for exhibition giant Cinemark Holdings over delays in Hollywood tentpoles reaching the local multiplex amid the COVID-19 crisis. "Theater attendance will likely remain weak and large tentpole releases delayed until there is a viable treatment or vaccine for the coronavirus that allows for the end of social distancing.
S&P Global Ratings does not expect this to occur until mid-2021," the research firm said in a ratings note on Friday. Cinemark, the third-largest domestic cinema chain behind AMC Theatres and Regal Cinemas, respectively, has had its ratings reduced by one notch to B from B+, with a negative outlook.
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