S&P cuts Wendy's recovery

Standard & Poor's said it changed its recovery ratings on the senior unsecured debt of Wendy's International Inc., a subsidiary of Wendy's/Arby's Group Inc., to five from 4.

As a result, the agency said it lowered the issue-level rating on Wendy's senior unsecured notes to B from B+, adding that the notes are now rated one notch below the corporate credit rating on Wendy's and Wendy's/Arby's.

The B+ corporate credit rating on the company remains unchanged, S&P said.

The five recovery rating indicates its expectation of modest recovery of principle in the event of default, the agency said, noting that the rating on the company's senior secured credit facility remains at 1, with an issue-level rating of BB.

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