Moody's lifts Movie Gallery outlook |
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Published
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Tue, 20 Feb 2007 21:41
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NEW YORK (AP) - Credit ratings agency Moody's Investors Service said Tuesday it lifted its outlook on movie rental chain operator Movie Gallery Inc., based on improved liquididty.Liquidity refers to a company's ability to quickly convert an asset or security into cash without changing its value.Moody's said it lifted its outlook on Movie Gallery to 'Positive' based on improved liquidity since the company is in talks to secure $900 million in senior secured credit.The outlook was also raised based on the assumption that Movie Gallery will reduce its working capital needs in 2007. Moody's said it may upgrade the company's corporate family rating of 'Caa1' if the company can improve its cash flow and can support its capital expenditures. The 'Caa1' rating is a noninvestment grade rating.Shares of Movie Gallery were up 30 cents at $4.63 in afternoon trading on the Nasdaq.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Movie Gallery refinancing senior credit 