OREANDA-NEWS. S&P Global Ratings today assigned its 'B' issue-level rating and '6' recovery rating to National CineMedia LLC's proposed $250 million senior unsecured notes due 2026. The '6' recovery rating indicates our expectation for modest recovery (0%-10%) of principal in the event of a payment default.

National CineMedia is a wholly owned subsidiary of Centennial, Colo.-based in-theater media network operator National CineMedia Inc. The company expects to use the net proceeds from the debt issuance to repay the $200 million 7.875% notes due 2021 and to reduce the existing balance on its revolver. As a result, we expect that leverage will remain unchanged at around 4x.