S&P rates Awesome B-, loans B-, CCC

Standard & Poor's said it assigned its B- corporate credit rating to Awesome Acquistion Co. LP, the owner and operator of CiCi Enterprises LP and JMC Restaurant Distribution LP.

The outlook is stable.

At the same time, the agency said it assigned its B- bank loan and 3 recovery ratings to the company's proposed first-lien credit facility, which consists of a $117.5 million senior secured term loan B due in 2013 and a $15 million revolving credit facility due in 2012.

The agency said it also assigned a CCC rating and 5 recovery rating to the company's second-lien credit facility, a $40 million term loan due in 2014, noting that the proposed facilities will be used to repay existing debt, retire previous equity investments, and pay fees and expenses associated with the transaction.

The ratings on Awesome reflect the company's small size in the highly competitive limited service pizza segment of the restaurant industry, limited geographic presence, and highly leveraged capital structure that limits cash flow protection, S&P said.

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