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Moody's: O'Charley's outlook negative
Moody's Investors Services said it revised the outlook on O'Charley's Inc. to negative from stable and affirmed its corporate family and probability-of-default ratings of Ba3, $125 senior secured revolving credit facility at Baa3 (LGD2, 13%) and $125 senior subordinated notes due 2013 at B1(LGD5, 77%).
The outlook reflects the company's continued weak operating performance, Moody's said.
The Ba3 corporate family rating reflects the company's relatively modest leverage, its significant real estate ownership and adequate liquidity position, the agency said.
The rating is constrained by the company's relatively small scale and limited geographic diversification as well as its lack of brand strength as a regional casual dining chain, Moody's said.
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