S&P affirms Steak n Shake

S&P said it affirmed its B- corporate credit rating on Steak n Shake Inc. The outlook is stable.

“We affirmed our B issue-level rating to the company's senior secured credit facility. The recovery rating assigned to the facility is 2, indicating our expectation for substantial (70% to 90%, towards the higher end of the range) recovery for lenders in the event of default or bankruptcy,” S&P said in a news release.

At the same time, S&P said it withdrew the ratings on the previously proposed revolving credit facility and senior secured notes after the company canceled the offering.

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