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Caribbean Restaurants LLC Feb 12
Standard & Poors, Feb 2012
Abstract
Leading position in the fast-food market in Puerto Rico. High leverage, leading to weak credit protection measures. Participation in the mature and intensely competitive restaurant industry. Narrow geographic focus in the weak Puerto Rico economy. The ratings on San Juan, Puerto Rico-based Caribbean Restaurants LLC reflect Standard & Poor's belief that liquidity will improve after the completion of the refinancing, with an extended maturity profile and adequate covenant headroom. It also reflects our expectations that operating performance will remain relatively stable at the current weak level, as modest revenue growth will somewhat offset lower margins due to the continuing weak Puerto Rican economy, commodity cost pressure, and building new Firehouse Subs concept. We view Caribbean Restaurants' financial risk profile as...
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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