Rating Upgrade
S&P Global Ratings on 29 July 2026 upgraded AMC Entertainment Holdings Inc.’s long‑term issuer rating from CCC+ to B‑, with a stable outlook. The agency also raised the issue‑level ratings on several of AMC’s debt instruments: the $2 billion first‑lien term loan to B+ (from B), the Muvico LLC secured notes and the 7.5 % AMC secured notes to B‑ (from CCC+), the Odeon first‑lien term loan to B (from B‑), and the $112 million exchangeable notes to CCC‑ (from CCC).
Operational Performance
In the second quarter of 2026 AMC reported record revenue, up 14.2 % year‑on‑year, and adjusted EBITDA that was approximately 37 % higher than in the same quarter of 2025.
Debt Management
The company used proceeds from recent share offerings to retire $125 million of subordinated notes and noteholders converted $156 million of exchangeable notes into AMC common stock. As a result, about 75 % of AMC’s outstanding debt now carries a lower interest rate, generating annual interest savings estimated at $51 million.
Balance‑Sheet Highlights
AMC’s total debt remains around $3.8 billion, with annual interest expense exceeding $450 million and rent obligations of about $850 million. Cash balances stood at $778 million at the end of Q2 2026, and the nearest debt maturity is scheduled for 2029.
Market Outlook
S&P projects the domestic box‑office market to reach roughly $10 billion in 2026, above its prior $9.3 billion estimate and the $8.6 billion recorded in 2025. Strong box‑office performance from titles such as “Toy Story 5”, “The Super Mario Galaxy Movie” and “Odyssey” contributed an estimated 10.3 % improvement as of 27 July 2026. The rating agency forecasts AMC’s revenue to grow about 13 % in 2026 and 4‑5 % in 2027. It expects a modest free‑cash‑flow deficit for 2026, followed by a transition to sustained positive free cash flow in 2027.