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S&P cuts Caribbean Restaurants outlook to negative
Standard & Poor's said it revised its ratings outlook on Caribbean Restaurants LLC to negative from stable.
The outlook revision reflects the continued weakness in the Puerto Rican economy causing lower sales and decreased operating efficiency, the agency said.
Affirmed ratings include the company's senior secured $30 million revolving credit facility bank loan due 2009 at B+ with a 2 recovery rating and the $180 million term B bank loan due 2009 at B+, also with a 2 recovery ratings.
S&P said that the ratings on Caribbean Restaurants reflect its small size in the competitive quick-service restaurant sector, its narrow geographic focus, which leaves the company susceptible to changes in the Puerto Rican economy and its highly leveraged capital structure that results in weak cash flow protection measures.
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