S&P rates California Pizza DIP loan B

S&P said it assigned a B rating to California Pizza Kitchen Inc.’s $107 million of debtor-in-possession financing.

“Our B DIP issue rating primarily reflects our view of the credit risk borne by the DIP term lenders and is not indicative of any ratings we may assign to the reorganized firm after bankruptcy or the contemplated exit facilities,” S&P said in a press release.

The D rating on California Pizza Kitchen is unchanged, S&P said.

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