Moody’s cuts Steak n Shake view to stable

Moody's Investors Service said it revised Steak n Shake Inc.'s outlook to stable from negative following the company's announcement that it was not pursuing its previously announced dividend recap.

At the same time, the agency affirmed the company's B2 corporate family rating, B2-PD probability of default rating and the B1 rating on its senior secured bank facility.

"The stable rating outlook reflects Moody's expectation that Steak n Shake will effectively manage growth while maintaining good liquidity," Moody’s analyst Peter Trombetta said in a news release.

"The outlook also reflects our expectation that Steak n Shake will pursue debt financed shareholder friendly transactions as evidenced by its recent planned dividend recap."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.