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Caribbean Restaurants LLC Upgraded To 'B-' On Expected Liquidity Improvement After Refinancing Jan 12
Standard & Poors, Jan 2012
Abstract
Puerto Rico-based Caribbean Restaurants is refinancing its existing debt to extend maturities and improve liquidity. We are raising our corporate credit rating on the company to 'B-' from 'CCC', reflecting our expectation that that liquidity will improve after the completion of the refinancing, with an extended maturity profile and adequate covenant headroom. At the same time, we are assigning a preliminary 'B-' issue-level rating with a preliminary recovery rating of '3' to the company's proposed senior credit facility, which consists of a $20 million revolving credit facility due 2016 and a $190 million term loan due 2017. The outlook is stable, indicating our expectation that the operating performance will remain relatively stable and covenant headroom should remain adequate. NEW YORK...
Companies mentioned in this report are: Caribbean Restaurants LLC,Restaurant Holding Company, LLC
Action: New Rating
Action: Preliminary Rating
Action: Upgraded
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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