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Caribbean Restaurants LLC May 11
Standard & Poors, May 2011
Abstract
Leading position in the fast-food market in Puerto Rico. Weak liquidity with meaningful near-term maturities; High leverage, leading to weak credit protection measures; Participation in the mature and intensely competitive restaurant industry; and Narrow geographic focus in the weak Puerto Rico economy. The ratings on San Juan, Puerto Rico-based Caribbean Restaurants LLC reflect Standard & Poor's Ratings Services' analysis that the company's significant near-term maturities strain its liquidity. It also reflects our expectations that operating performance will remain weak in 2011, due to rising commodity costs and the continuing weak Puerto Rican economy. Caribbean Restaurants' financial risk profile is highly leveraged. We estimate total debt to EBITDA to be about 6.4x and interest coverage to be about 1.3x as of...
Companies mentioned in this report are: Caribbean Restaurants LLC
Action: Review
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.
Research Type: Full Analysis
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