S&P: OSI on developing watch

Standard & Poor's said it placed its ratings on OSI Restaurant Partners Inc., including the B+ corporate credit rating, on CreditWatch with developing implications.

The agency said that this action follows the company's announcement that they have postponed their stockholders' meeting concerning the proposed purchase of OSI by an investor group comprised of Bain Capital Partners, Catterton Partners and company founders and management for $40.00 per share in cash.

According to S&P, the meeting has been postponed to permit the solicitation of additional shareholder votes and should shareholders fail to approve the company's sale, lower debt levels could lead to improved credit metrics and a higher rating.

Conversely, should a higher sale price be financed with additional debt, increased leverage could result in a downgrade, the agency added.

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