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S&P gives Sagittarius loans B
Standard & Poor's said it assigned its B issue-level rating to Sagittarius Restaurants LLC's $215 million first-lien credit facility, consisting of a $40 million revolver and a $175 million term loan.
S&P also assigned a 3 recovery rating to this debt.
At the same time, the agency said it is affirming all ratings on the company, including the B corporate credit rating.
The outlook is stable.
"The ratings on Lake Forest, Calif.-based Sagittarius Restaurants LLC [operates and franchises quick-service restaurants offering Mexican and American food], reflect Standard & Poor's Ratings Services' view that the company will maintain a 'highly leveraged' financial risk profile in the next year because of its considerable debt load that results in thin credit protection measures," S&P credit analyst Andy Sookram said in a news release.
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