S&P says O'Charley's unchanged

Standard & Poor's said O'Charley's Inc.'s ratings are unchanged including its corporate credit at BB- with a stable outlook after the company announced a 2.6% decline in same-store sales for the second quarter of 2003, along with its lowered earnings guidance for the third quarter based on an expected 4%-5% same-store sales decrease.

S&P said it believes that based on the revised earnings guidance cash flow protection measures will remain adequate for the rating category.

The revised earnings guidance is due to weak sales trends at the company's O'Charley's restaurants, somewhat offset by stable operating performance at its Ninety Nine and Stoney River concepts.

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