Fitch Ratings has downgraded the credit rating for exhibition giant Cinemark Holdings over concerns that current theater closures amid the coronavirus pandemic will last until June "at the earliest." "Additionally, Fitch remains concerned over the company's ability to quickly return to a normalized course of operations due to either changes in consumer behavior or additional public health mandates that limit theater attendance capacity," the ratings agency said Thursday in a ratings note.
Cinemark, the third-largest domestic cinema chain, on March 16 first announced temporary theater closures at all of its 345 sites amid the COVID-19 crisis.