Moody's: Sagittarius outlook to positive

Moody's Investors Service said it affirmed Sagittarius Restaurants LLC's Caa1 corporate family rating, Caa1-PD probability of default rating and B2 senior secured bank facility rating following the company's announcement that it is amending the terms of its bank facility and increasing the term loan.

The outlook was changed to positive.

Sagittarius operates and franchises Mexican quick service restaurants under the Del Taco brand name.

Moody's said the outlook revision reflects Sagittarius' improved operating performance, benefits of the proposed amendment and further reduction of its high coupon PIK debt.

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