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S&P cuts Mastro's Restaurants
Standard & Poor's said it lowered its corporate credit rating on Mastro's Restaurants LLC to SD from B-.
At the same time, S&P affirmed its B- issue-level rating on the company's $102 million senior secured notes due 2017. The 4 recovery rating remains unchanged.
All ratings were removed from CreditWatch, where they had been with negative implications since April 25.
"The rating action follows Mastro's conversion of approximately $42 million in seller notes to equity of the company," S&P credit analyst Mariola Borysiak said in a news release.
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