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S&P lowers OSI Restaurant
Standard & Poor's said it lowered OSI Restaurant Partners LLC's corporate credit rating to B- from B and its $1.3 billion term loan B, $150 million revolver and $100 prefunded revolver to B+ from BB-, while the recovery rating remains at 1.
The agency lowered OSI's $550 million notes to CCC from CCC+ and the recovery rating on the notes remains at 6.
The outlook is stable.
S&P said the downgrade reflects weaker-than-expected operating performance and thinning cash flow protection measures.
Total debt-to-EBITDA ratio is likely to remain at well above 9x in fiscal 2008.
Ratings reflect the company's participation in the competitive restaurant industry, highly leveraged capital structure and thin cash flow protection measures, the agency said.
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