S&P revised Mastro's notes to 4

Standard & Poor's said it affirmed the B- corporate credit rating on Mastro's Restaurants LLC and the B- rating on the company's $100 million second-lien senior notes.

The agency revised the recovery rating on the notes to 4 from 3.

The outlook is negative.

"The recovery rating revision reflects a lower enterprise valuation under our simulated default scenario than used in our previous analysis, due to weaker prospects for the retail industry in light of the current economic downturn," S&P analyst Mariola Borysiak said in a statement.

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