S&P lowers Caribbean Restaurants

Standard & Poor's said it lowered its corporate credit rating and secured bank loan rating on Caribbean Restaurants LLC (CRI) to B from B+.

The outlook is stable.

S&P said the downgrade is based on the company's deteriorating cash flow protection measures due to negative operating trends over the past four quarters.

The ratings on Caribbean Restaurants reflect the company's highly leveraged capital structure, the risks of operating in the extremely competitive quick-service restaurant industry and its regional concentration, the agency noted.

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