The debt ratings agency pointed out that smaller capacity at cinemas and audiences choosing streaming over risking going out was likely to continue into 2021.

S&P Global added: “The negative outlook reflects our view that a default, distressed exchange, or redemption appears to be inevitable within six months, absent unanticipated significantly favourable changes in the issuer’s circumstances.” have contacted AMC for comment.

After months of shut down, Christopher Nolan’s Tenet opened in UK cinemas and some US states a couple of months ago.

However, Mulan skipped movie theatres and went to premium access on Disney+, while a whole host of other tentpole movies have shifted to 2021. Now the earliest to open are Dune and Wonder Woman 1984 at Christmas.

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