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Moody's gives Landry's notes B3
Moody's Investors Service said it assigned a B3 rating to Landry's Restaurant, Inc.'s proposed $390 million of senior secured notes due 2015 and placed the ratings on review for possible downgrade.
Proceeds from the proposed new note offering will be used to refinance existing debt and for general corporate purposes, the agency said, adding that all of Landry's long-term ratings remain on review for possible downgrade.
Landry's SGL-3 speculative-grade liquidity rating remains unchanged, the agency noted.
"The review for possible downgrade reflects Moody's view that the pending proposal by Landry's to take the company private - along with management's history of aggressive financial policies - could result in a weakening of the company's credit profile," stated Bill Fahy, Moody's senior analyst.
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