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.
The agency said it raised its ratings on the Plano, TX-based company’s secured and unsecured debt to ‘BB+’ and ‘BB-‘, respectively, from ‘BB’ and ‘B+.
In a note about the move, S&P cited the end of the dual 2023 strikes and an increasingly “stable” outlook for 2024 and beyond.
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.
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