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Moody's rates O'Charley's SGL-3
Moody's Investors Service said it assigned a speculative grade liquidity rating of SGL-3 to O'Charley's, Inc., reflecting its expected adequate liquidity over the next 12 months.
The issuer has a corporate family rating of Ba3.
The outlook is negative.
Moody's said it expects the company's internally generated cash flow and cash balances to be sufficient in funding working capital fluctuations, dividend and maintenance capital expenditures in the coming year.
Any deterioration in operating performance and cash flow combined with a relatively high level of capital spending and share buyback program may require additional borrowing under its revolving credit facility, the agency noted.
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