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S&P cuts Real Mex
Standard & Poor's said it lowered the corporate credit rating on Real Mex Restaurants Inc. to CCC from B-.
The outlook is negative.
S&P lowered the issue-level rating on the senior secured notes to CCC from B-. The recovery rating on the secured debt is unchanged at 3, indicating meaningful (50% to 70%) recovery.
The rating actions reflect the view that operating performance will remain weak in 2011, likely requiring the company to amend financial covenants, the agency said.
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