S&P Withdraws Ratings On Six Flags

NEW YORK (AP) — Standard & Poor's Ratings Services said Thursday it has withdrawn its solicited ratings on Six Flags Inc. and its subsidiaries at the company's request, but subsequently assigned unsolicited ratings to the troubled theme park operator.

"Six Flags decided to eliminate the cost of S&P's annual ratings fees given the company's decision to investigate comprehensive alternatives related to our balance sheet," said Six Flags spokeswoman Sandra Daniels.

Following the withdrawal of a company's solicited ratings, it no longer provides confidential information to S&P. To assign unsolicited ratings, S&P said it depends on "adequate publicly available information."

Later on Thursday, S&P said it assigned a "CCC" corporate credit rating to Six Flags and its subsidiary, Six Flags Theme Parks, on an unsolicited basis. The rating outlook is negative.

The new rating is consistent with Six Flags' solicited corporate credit rating before its withdrawal.

S&P had cut Six Flags' corporate credit rating to "CCC," one notch deeper into junk status, in March after the theme parks operator said it might be forced into Chapter 11 bankruptcy protection.