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Steak n Shake Rated 'B'; $130M Credit Facility Rated 'BB-' (Recovery Rating: 1) Oct 11 Product Image

Steak n Shake Rated 'B'; $130M Credit Facility Rated 'BB-' (Recovery Rating: 1) Oct 11

  • ID: 1931233
  • October 2011
  • Standard & Poors

Abstract
U.S. hamburger restaurant operator Steak n Shake issued a $130 million credit facility to fund an approximately $83 million dividend to its parent Biglari Holdings and to refinance existing debt. After receiving final documents and reviewing the terms, we are assigning our 'B' corporate credit rating to the company. We are also assigning a 'BB-' issue-level rating with a '1' recovery rating to the company's credit facility. The stable outlook reflects our expectations that stable operating performance and required debt reduction will enhance Steak n Shake's credit profile over the near term. NEW YORK (Standard & Poor's) Oct. 6, 2011--Standard & Poor's Rating Services today assigned its 'B' corporate credit rating to Indianapolis-based Steak n Shake Operations Inc. The outlook...

Companies mentioned in this report are: Steak n Shake Operations Inc.
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.

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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