Moody's rates Carrols SGL-3

Moody's Investors Service said it assigned a SGL-3 speculative grade liquidity rating to Carrol's Corp., reflecting adequate liquidity.

Moody's said it believes, however, that the cushion under the company's covenants, which include senior leverage, total leverage and fixed charge coverage, could become modest as both senior and total leverage covenants step down in the first quarter of fiscal year 2009.

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