S&P lowers OSI outlook to negative

Standard & Poor's said it revised the outlook on OSI Restaurant Partners Inc. to negative from stable.

The agency said that the outlook revision reflects operating performance that has not met its expectations, leading to weaker-than-expected credit metrics, including leverage of about 9x (including the company's $790 million CMBS debt issued through Private Restaurant Properties) for the year ended Dec. 31.

The ratings on OSI reflect the company's participation in the competitive restaurant industry, highly leveraged capital structure and thin cash flow protection measures, S&P noted.

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