S&P cuts Avado Brands subordinated debt to D

Standard & Poor's said it lowered its subordinated notes rating on casual dining restaurant operator Avado Brands Inc. to D from C. The corporate credit rating on Avado was lowered to D on Dec. 1.

S&P said the downgrade is the result of the company's failure to remit the Dec. 15, 2003 interest payment on the subordinated notes. Avado Brands had $170.6 million of funded debt as of June 29. The company received an extension for the filing of its third-quarter results.

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