Research Update: NP Opco LLC $775M Senior Secured Credit Facility Rated 'B+' (Recovery Rating: 2) Oct 12
- Language: English
- Published: October 2012
Standard & Poor's Ratings Services has completed a review of the recovery and issue-level ratings assigned to Lake Forest, Calif.-based Sagittarius Restaurants LLC's senior secured credit facility. We had previously revised the recovery rating and raised the issue-level rating by one notch, following meaningful debt reduction progress on the term loan. We simulate a default occurring in 2014 due to a steep decline in revenue and income from intense competition within the casual dining industry, coupled with commodity cost pressures. Sagittarius Restaurants' capital structure consists of a $199 million senior secured credit facility due 2015 (comprising a $39 million revolving credit facility and a $160 million term loan), unrated $110 million 13% OpCo notes due 2016, and unrated $40 million...
Companies mentioned in this report are: Sagittarius Restaurants LLC
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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Sagittarius Restaurants LLC