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Moody's ups Sagittarius, rates loans B1
Moody's Investors Service said it upgraded Sagittarius Restaurant LLC's corporate family rating and probability of default rating to Caa1 from Caa2 and assigned a B1 (LGD2, 24%) rating to the new $199 million five-year senior secured credit facilities. This concludes a review for possible upgrade that began in April.
The outlook is stable.
The ratings on the old bank facilities were withdrawn, the agency said.
The upgrade was prompted by completion of Sagittarius' recapitalization and refinancing, Moody's said.
The ratings reflect Sagittarius' high leverage deployed in its capital structure despite the significant debt reduction as a result of the recent debt recapitalization, the agency said.
The stable outlook presumes that the company will likely generate modestly positive free cash flow and maintain an adequate liquidity profile over the next 12 months, Moody's said.
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