National CineMedia, LLC: Update following CFR downgrade to Caa1: prolonged operating disruptions, decline in exhibitors' health are key risks
Our credit view of National CineMedia, reflecting its risk of prolonged disruptions in operating performance due to the COVID-19 outbreak.National CineMedia is a holding company. Through its subsidiary, National CineMedia, LLC, the company is engaged in the sale of advertising to national, regional and local businesses in Noovie, its cinema advertising and entertainment pre-show seen on movie screens across the U.S. The company also sells advertising on its Lobby Entertainment Network, a series of screens located in movie theater lobbies, as well as other forms of advertising and promotions in theater lobbies. In addition, the company sells online and mobile advertising through its Noovie digital product as well as through its Cinema Accelerator digital product to reach entertainment audiences beyond theater.
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