S&P keeps Arby's on watch

Standard & Poor's said its ratings on Arby's Restaurant Group Inc., including its B+ corporate credit rating, will remain on CreditWatch with negative implications, where they were placed on Nov. 15, 2007.

This action comes despite Wendy's International Inc.'s rejection of a bid by Arby's parent Triarc Cos. Inc. to acquire Wendy's, the agency said.

At this point, S&P said that it cannot yet eliminate the possibility of a combination of the two companies, given the uncertainty around the future of Wendy's and the uncertainly stems from a letter written by vice chairman Peter May of Triarc, who also serves as president of Trian Fund Management LP, a large Wendy's shareholder.

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