S&P ups Mastro's Restaurants

Standard & Poor's said it raised its corporate credit rating on Mastro's Restaurants LLC to B- from SD and affirmed the B- issue-level rating on the company's $102 million senior secured notes due 2017. The 4 recovery rating remains unchanged.

The outlook is stable.

"The rating action follows our review of Mastro's business and financial risk profiles after the company settled the pending lawsuits with the original seller of the company and completed the exchange of its approximately $42 million of seller notes for equity," said credit analyst Mariola Borysiak in a news release. "We assess the company's business risk profile as 'vulnerable' and its financial risk profile as 'highly leveraged.'"

In addition, S&P said it now views Mastro's liquidity profile as "adequate."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.