Approximately $1.1 billion of rated debt and credit commitments affectedToronto, December 19, 2014 -- Moody's Investors Service (Moody's) affirmed National CineMedia, LLC's (NCM) Ba3 corporate family rating, its Ba3-PD probability of default rating and ratings on the company's outstanding debt instruments: Senior Secured Bank Credit Facility - Ba2; Senior Secured Regular Bond/Debenture - Ba2; and Senior Unsecured Regular Bond/Debenture - B2. The company's SGL-2 speculative grade liquidity rating, indicating good liquidity, was also affirmed. NCM's ratings outlook was maintained at stable.

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