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Rating Action:

Moody's assigns Six Flags B2 CFR following emergence from bankruptcy

04 May 2010

Approximately $1.1 billion of rated debt affected

New York, May 04, 2010 -- Moody's Investors Service assigned Six Flags Theme Parks, Inc. ("SFTP") a B2 Corporate Family Rating (CFR) and B2 Probability of Default Rating (PDR) following the company's emergence, along with its parent Six Flags Entertainment Corporation ("Six Flags"; formerly Six Flags, Inc.), from Chapter 11 bankruptcy court proceedings on April 30, 2010. In addition, Moody's assigned B1 ratings to SFTP's $890 million of combined first lien senior secured credit facilities ($120 million revolver and $770 million term loan) and a Caa1 rating to the company's $250 million second lien senior secured credit facility. The rating assignments are at the same equivalent level as the former provisional (P) ratings, the latter of which are now being withdrawn given that the reorganization has been completed. Moody's also assigned SFTP a SGL-4 speculative grade liquidity rating. The rating outlook is stable.

Assignments:

..Issuer: Six Flags Theme Parks Inc.

....Corporate Family Rating, Assigned B2 (withdrew former (P)B2)

....Probability of Default Rating, Assigned B2 (withdrew former (P)B2)

....Senior Secured First Lien Bank Credit Facility, Assigned B1, LGD3 - 37% (withdrew former (P)B1, LGD3 - 36%)

....Senior Secured Second Lien Bank Credit Facility, Assigned Caa1, LGD5 - 87% (withdrew former (P)Caa1, LGD5 - 86%)

....Speculative Grade Liquidity Rating, Assigned SGL-4

The SGL-4 speculative-grade liquidity rating reflects the risk associated with funding minority interest puts should holders exercise the maximum amount of potential obligation putable through May 2011. Moody's believes cash, projected free cash flow, unused committed capacity on the $120 million revolver and a new $150 million Time Warner backstop loan would not fully cover a full exercise of the puts in a stress case scenario. Moody's believes the company's reorganization plan assumption of $30 million of puts exercised annually is reasonable, but Six Flags would need to seek incremental external financing if the full amount of the puts were exercised. Moody's anticipates the company will generate sufficient free cash flow to meet required debt service (note that there is no term loan amortization until March 2013) and that SFTP will have a good cushion within the financial maintenance covenants governed by its new bank credit facilities.

Please see Moody's press releases dated January 6, 2010, March 25, 2010 and April 6, 2010 and the credit opinion posted to www.moodys.com for additional information on SFTP's ratings.

Moody's last rating action was on April 6, 2010 when a provisional (P)Caa1 rating was assigned to SFTP's senior secured second lien term loan facility. On March 25, 2010, Moody's downgraded SFTP's former provisional CFR and PDR, each to (P)B2 from (P)B1, following the company's announcement that it would modify its joint plan of reorganization to increase the amount of debt by $250 million relative to the original plan filed in December 2009.

Six Flags' ratings were assigned by evaluating factors that Moody's considers relevant to the credit profile of the issuer, such as the company's (i) business risk and competitive position compared with others within the industry; (ii) capital structure and financial risk; (iii) projected performance over the near to intermediate term; and (iv) management's track record and tolerance for risk. Moody's compared these attributes against other issuers both within and outside Six Flags' core industry and believes Six Flags' ratings are comparable to those of other issuers with similar credit risk.

Six Flags, headquartered in New York City, is a regional theme park company that operates 19 parks spread across North America. The park portfolio includes 15 wholly-owned facilities (including parks near New York City, Chicago and Los Angeles), three consolidated partnership parks - Six Flags over Texas ("SFOT"), Six Flags over Georgia ("SFOG"), and White Water Atlanta - as well as Six Flags Great Escape Lodge, which is accounted for under the equity method. Six Flags currently owns 52% of SFOT and approximately 29% of SFOG/White Water Atlanta. Revenue including the consolidation of the partnership parks was $913 million for the fiscal year ended 12/31/09.

New York
John E. Puchalla
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Russell Solomon
Senior Vice President
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's assigns Six Flags B2 CFR following emergence from bankruptcy
No Related Data.
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