Moody's downgrades Caribbean Restaurants

Moody's Investors Service said it downgraded Caribbean Restaurants, LLC's corporate family rating and probability of default rating to Caa2 from Caa1 and senior secured notes due 2012 rating to Caa1 from B3.

The outlook is negative.

"The downgrade rating action reflects Caribbean's substantial refinancing risk in the very near term as well as deteriorated credit metrics due to weak operating performance," Moody's lead analyst John Zhao said in a news release.

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