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On November 4, 2020, S&P Global Ratings lowered its issuer credit rating on Screenvision, LLC to CCC+ from B. The ratings agency anticipates U.S. cinema attendance will not begin to recover until 2021, which is later than previously expected. Screenvision's revenue is directly tied to theater attendance because it is paid by advertisers based on the number of impressions it can deliver, S&P Global notes. Without a substantial increase in its audience, the ratings agency expects the Company to generate modestly negative EBITDA and cash flow. S&P expects Screenvision's leverage to remain elevated in the 6x-7x range through 2021 and remain above 5x until its revenue rebounds above 70% of its 2019 levels.
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