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S&P rates Fertitta Morton B, loan BB-
Standard & Poor's said it assigned a preliminary B corporate credit rating to Fertitta Morton's Restaurants Inc.
The agency also said it assigned a preliminary BB- rating and preliminary 1 recovery rating to the company's $205 million senior secured bank credit facility, which consists of a $15 million revolving credit facility due 2016 and a $190 million term loan due 2017.
The agency said it understands that the company will use borrowings under the facility to fund the acquisition of Morton's Restaurant Group, refinance existing debt at Claim Jumper and pay certain fees and expenses.
The outlook is stable.
The ratings reflect what is considered Fertitta Morton's weak business risk profile due to its presence in the highly competitive restaurant industry and exposure to commodity cost swings, S&P said.
The company's brand name recognition and diversity partly offset these weaknesses, the agency said.
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