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S&P lowers Mastro's
Standard & Poor's said it lowered Mastro's Restaurants LLC's corporate credit rating to CCC from B- and $100 million second-lien notes to CCC with an unchanged recovery rating of 4 from B-.
The outlook is negative.
The agency said the downgrade reflects its belief that Mastro's operating performance will continue to face challenges throughout 2009, leading to a further deterioration of credit metrics and weakening of its liquidity position.
Negative sales trends accelerated toward the end of fiscal 2008, S&P said, and Mastro's reported a 16.1% decline in same-store sales during its fourth quarter ended Dec. 24. The agency noted that these trends were particularly exacerbated because all of Mastro's restaurants are in California and Arizona, which suffered due to the housing downturn.
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