On November 4, 2020, S&P Global Ratings lowered its issuer credit rating on National CineMedia, Inc. to CCC+ from B. The ratings agency believes the Company is currently vulnerable and dependent upon favorable business, financial and economic conditions to meet its financial commitments over the next 12-24 months. Moreover, the Company is set to continue burning cash through the first half of 2021 due to weak theater attendance. The negative outlook reflects the uncertainty around a recovery in theater attendance and the potential that a slower recovery in theater attendance, or a more prolonged impact on national advertising than currently expected, could cause the Company's cash balance to deteriorate over the next 12 months.

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