S&P assigns ratings for OSI |
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Published
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Tue, 17 Apr 2007 22:53
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NEW YORK (AP) - Standard & Poor's Ratings Services on Tuesday assigned junk-grade ratings for OSI Restaurant Partners Inc., which operates the Outback Steakhouse chain, with a negative outlook.The ratings service said it assigned a 'B+' corporate credit rating to OSI and a 'BB-' rating to the company's planned $1.33 billion bank facility. The service also said it also gave a 'B-' rating to OSI's planned $700 million senior unsecured notes due in 2015.S&P said the note rating for the senior unsecured notes is two notches lower than the corporate credit rating because of the large amount of secured debt.'The ratings on OSI reflect the company's participation in the competitive restaurant industry and a highly leveraged capital structure,' said S&P credit analyst Jackie Oberoi. 'These factors are offset by the company's solid position in the casual dining industry and its history of strong cash flow generation.'OSI shares fell 1 cent to close at $39.66 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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