Fitch lowers some of Six Flags ratings

Earlier this month the amusement park operator offered to exchange Six Flags senior unsecured notes for Six Flags Operations Inc. senior unsecured notes. Fitch said late Thursday that the offer is indicative of a distressed debt exchange, which results when an exchange offer has a material reduction in terms and is more or less necessary, even if voluntary.

Fitch, which lowered Six Flags and Six Flags Theme Park Inc.'s issuer default ratings to "C" from "B-," said it would cut the rating to "RD" if the exchange offer occurs as planned.

Separately, Six Flags said its St. Louis park is lowering main gate and online ticket prices by $10 due to current economic conditions. Guests will be charged $34.99 at the main gate or $29.99 online for any day without using a coupon or special offer.

Consumers have curbed discretionary spending lately as they contend with the ongoing housing slowdown, escalating food and gas costs, eroding credit and recession fears.