Moody's lowers O'Charley's

Moody's Investors Services downgraded O'Charley's Inc.'s corporate family rating to B2 from Ba3, probability of default rating to B2 from Ba3, senior secured facilities rating to Ba2 from Baa3 and senior subordinated notes to Caa1 from B1.

The outlook remains negative.

Its speculative-grade liquidity rating was affirmed at SGL-3, the agency said, adding that the downgrade of the corporate family rating to B2 reflects the company's significant shortfall in recent operating performance versus Moody's expectation and continued margin contraction since Moody's last action on May 21 when the outlook was changed to negative from stable.

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