Moody's ups OSI Restaurants CFR to B1

Moody's Investors Service said it upgraded OSI Restaurant Partners, LLC's corporate family rating to B1 from B2 and probability of default rating to B1-PD from B2-PD.

The B1 ratings on OSI's $975 million seven-year senior secured term loan B and $225 million five-year senior secured revolver were affirmed.

The outlook is positive.

"The upgrade reflects OSI's continued improvement in operating performance and earnings that have been driven in part by positive same store sales and which have resulted in stronger debt protection metrics and liquidity" Moody's senior credit officer Bill Fahy said in a news release.

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