Moody's assigns Sizzling Platter notes B3

Moody's Investors Service said it assigned a B3 rating to Sizzling Platter LLC's proposed $325 million of senior secured notes. Also, Moody's assigned Sizzling Platter a B3 corporate family rating and B3-PD probability of default rating.

Proceeds will be used to repay about $309 million of outstanding debt and $10 million in fees and expenses.

"The B3 CFR reflects Sizzling Platters high leverage and weak coverage, driven in part by weak same-store sales trends as well as its modest scale, regional concentration and narrow product offering," stated Bill Fahy, a Moody's senior credit officer, in a press release.

The outlook is negative. The outlook reflects the uncertainty with regards to the negative effect the various efforts to contain the spread of the coronavirus will have on consumers' ability and willingness to spend on eating out until the crisis materially subsides, the agency said.

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