New York, May 03, 2013 -- Moody's Investors Service downgraded Six Flags Entertainment Corporation's (Six Flags) speculative grade liquidity (SGL) rating to SGL-4 from SGL-2 and affirmed the company's B1 Corporate Family Rating (CFR). The SGL rating reduction reflects Six Flags' utilization of excess cash from its $800 million bond offering in December for share repurchases as anticipated. The note proceeds temporarily increased the amount of cash Six Flags had available to cover partnership put exercises pending execution of the planned share repurchases. Six Flags' approximate $110 million of cash as of March 31st (pro forma for the use of roughly $30 million for share repurchases subsequent to quarter end as announced on the company's first quarter earnings call) and $181 million of unused capacity under its $200 million revolver (factoring in letters of credit) would not be sufficient to cover a full exercise of the approximate $358 million of partnership puts in 2014. This assumes Six Flags' $0.90 per share quarterly dividend will consume the bulk of its cash flow generation over the next year and normal off-season cash flow consumption occurs prior to the start of the 2014 operating season. The rating outlook remains stable.

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