Moody's lifts OSI Restaurants

Moody's Investors Service said it upgraded OSI Restaurant Partners, LLC's corporate family and probability of default ratings to B2 from Caa1.

The agency said this action concludes the review for upgrade that Moody's initiated on Oct. 10.

Moody's also affirmed the B1 rating on the company's $1 billion 7-year senior secured term loan B and $225 million 5-year senior secured revolver. The outlook is positive.

The agency said the upgrade reflects the completion of OSI's new bank credit facility and the refinancing of its existing facility. The upgrade also reflects the company's improved operating performance and material debt reduction, which has resulted in stronger debt protection metrics and liquidity.

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