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Perkins & Marie Callender's Inc.'s $132M Senior Secured Debt Rating Lowered To 'D' From 'CC' Jun 11 Product Image

Perkins & Marie Callender's Inc.'s $132M Senior Secured Debt Rating Lowered To 'D' From 'CC' Jun 11

  • ID: 1824377
  • June 2011
  • Standard & Poors

Abstract
NEW YORK (Standard & Poor's) June 14, 2011--Standard & Poor's Ratings Services said today that it lowered its issue-level rating on Memphis-based Perkins & Marie Callender's Inc.'s $132 million 14% senior secured notes to 'D' from 'CC'. The recovery rating on this debt remains at '4', indicating expectations for an average (30%-50%) recovery in the event of a default scenario. The rating action follows the company's filing for Chapter 11 bankruptcy protection on June 13, 2011. We lowered our rating on the company's $190 million senior unsecured notes to 'D' on April 7, 2011, after it missed the $9.5 million interest payment due April 1. RATINGS LIST Perkins & Marie Callender's Inc. Corporate Credit Rating D/-- Downgraded Perkins & Marie...

Companies mentioned in this report are:
- Perkins & Marie Callender's Inc.

Action: Downgraded

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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- Perkins & Marie Callender's Inc.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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