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SMALL BUSINESS
Lions Gate gets 'B2' rating from Moody's
AP
NEW YORK -Moody's Investors Service gave Lions Gate Entertainment a "B2" debt rating Tuesday, well inside non-investment grade territory, reflecting what the agency called "inherent volatility" in the film business and the studio's "lackluster" performance over the past few years.
Moody's assigned the movie studio's proposed $250 million note offering a "B1" rating, one notch higher. The new financing is aimed at paying back some of the $340 million in borrowings on an outstanding credit line.
The agency said its ratings outlook is "Stable."
On the positive side, Moody's said it expects Lions Gate to grow profits over the next few years as it focuses on proven niches and more revenue starts to flow from popular TV franchises such as "Weeds" and "Mad Men."
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-13 15:19:23
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