Moody's upgrades Sizzling Platter

Moody's Investors Service said it upgraded Sizzling Platter, LLC's corporate family rating to B3 from Caa1, its $118 million guaranteed senior secured note ratings to B3 from Caa1 and probability of default rating to B2-PD from B3-PD.

The outlook is stable.

Moody's said the upgrade reflects the company's steady improvement in operating performance and earnings that have driven stronger debt protection metrics.

The upgrade also reflects the agency's view that earnings and credit metrics will continue to gradually improve as new restaurant additions and steady performance at the company' s value priced restaurants continue.

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