Research Update: Sizzling Platter LLC Assigned 'B-' Corporate Credit Rating; Senior Secured Notes Also Rated 'B-' (Recovery: 4) May 11
- Language: English
- Published: May 2011
U.S. restaurant operator Sizzling Platter is raising debt to acquire certain quick-service pizza chain restaurants and refinance existing debt. We are assigning our preliminary 'B-' corporate credit rating to Sizzling Platter. At the same time, we are assigning a preliminary 'B-' rating, with a preliminary recovery rating of '4', to the company's proposed $150 million senior secured notes due 2016. According to the company, it intends to use the proceeds to acquire certain quick-service pizza chain restaurants, refinance existing indebtedness, repurchase all of outstanding preferred equity, and for general corporate purposes. The outlook is stable, indicating our expectation that the company will maintain relatively stable operating performance as it acquires and integrates new restaurants. On March 30, 2011, Standard &...
Companies mentioned in this report are: Sizzling Platter LLC
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
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Sizzling Platter LLC