DISTRESSED DAILY: Amusement Park Operator Gets Post-Covid Boost

Theme park operator Cedar Fair is seeing improving attendance trends at its locations after a dismal 2020, earning it an upgrade from S&P Global Ratings.

S&P upgraded the company by one notch to B, saying Cedar Fair’s higher debt relative to earnings this year was somewhat offset by its returning guests and its “adequate” liquidity.

Spending per person at the company’s parks, which include Pennsylvania’s Dorney Park and California’s Knott’s Berry Farm, has been around 20% above 2019 levels for the five weeks before Aug. 1, according to S&P. Meanwhile, attendance rebounded to around 85% of 2019 levels for the ...