S&P upgrades Nathan's Famous

S&P said it raised its issuer credit rating on Nathan's Famous Inc. to B from B-.

S&P also raised its issue-level ratings on the company's $150 million senior secured notes to B from B-. The 3 recovery rating remains unchanged.

The outlook is stable.

“The higher rating reflects Nathan's increased contribution from the less volatile and higher-margin licensing business and reduced exposure to restaurant operations, which now represent only about 15% of revenues,” S&P said in a news release.

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