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Rating Action:

Moody's rates Carmike's credit facility B1; outlook now stable

12 Jan 2010

$305 million of new credit facilities rated

New York, January 12, 2010 -- Moody's Investors Service (Moody's) rated Carmike Cinemas, Inc.'s (Carmike) proposed new credit facilities B1, one notch above the company's B2 corporate family rating (CFR), which remains unchanged. While Carmike's B3 probability of default rating (PDR) remains unchanged, the company's ratings outlook was prospectively changed to stable from negative reflecting the improved maturity profile, pro forma for the closing of the facilities as proposed.

Proceeds from the proposed facilities (comprised of a $30 million 3-year revolving term loan (RTL) and a $275 million 6-year term loan B (TLB)) will be used to refinance and retire existing credit facilities, and since they are approximately the same aggregate size and benefit from the same collateral package, they are rated at the same B1 level as the facilities they replace. In the event the transaction does not close shortly, and on the basis expected, the ratings and outlook may be reconsidered.

"Carmike's B2 rating is based on expectations that the company can continue to generate meaningful levels of free cash flow" said Bill Wolfe, Moody's Vice President / Senior Credit Officer. Wolfe also noted that Moody's expects free cash flow to be applied towards debt reduction, and that Carmike's leverage and coverage measures will continue to progress towards levels that are more appropriate for a B2-rated cinema operator. In particular, Moody's expects leverage to fall below 6.0x by the end of 2010 and to be on track to reach +/- 5.5x by the end of 2011. While it does not impact the company's business prospects, given expectations of improving leverage and coverage, since the refinance transaction eliminates near term refinance risk, it allows Carmike's ratings outlook to be stabilized.

Issuer: Carmike Cinemas, Inc.

Assignments:

Proposed Senior Secured Bank Credit Facility, Assigned B1 (LGD2, 28%)

Rating Actions:

Corporate Family Rating, Unchanged at B2

Probability of Default Rating, Unchanged at B3

Existing Senior Secured Bank Credit Facility, Unchanged at B1 (LGD2, 29%)

Outlook actions:

Outlook: Changed to Stable from Negative

The ratings are subject to the closing of the proposed transaction and Moody's review of final documentation. Upon closing, the ratings of the existing credit facilities will be withdrawn.

For additional commentary, please refer to the associated Credit Opinion (available on Moodys.com shortly after the date of this press release).

Moody's most recent rating action concerning Carmike was taken on December 18, 2008, at which time Moody's affirmed the company's B2 CFR, B3 PDR, and B1 senior secured bank credit facility rating.

Carmike's ratings were assigned by evaluating factors Moody's believes are relevant to the credit profile of the issuer, such as i) the business risk and competitive position of the company versus others within its industry, ii) the capital structure and financial risk of the company, iii) the projected performance of the company over the near to intermediate term, and iv) management's track record and tolerance for risk. These attributes were compared against other issuers both within and outside of Carmike's core industry and Carmike's ratings are believed to be comparable to those of other issuers of similar credit risk. Other methodologies and factors that may have been considered in the process of rating these issuers can also be found in the Credit Policy & Methodologies directory.

Headquartered in Columbus, Georgia, and operating 246 cinema theatres with 2,282 screens located in 35 states, Carmike is the fourth largest motion picture exhibitor in the United States.

Toronto
William Wolfe
VP - Senior Credit Officer
Corporate Finance Group
Moody's Canada Inc.
(416) 214-1635

New York
Kendra M. Smith
Managing Director
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's rates Carmike's credit facility B1; outlook now stable
No Related Data.
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