S&P: Logan's Roadhouse to negative

Standard & Poor's said it revised the outlook on Logan's Roadhouse Inc. to negative from stable.

S&P also said it affirmed all of the existing ratings on the company, including its B- corporate credit rating.

The outlook revision reflects performance erosion over the past two years, which caused a narrowing cushion to the company's financial covenants, said Mariola Borysiak, an S&P analyst.

It also considers a belief that Logan's could violate its financial covenants over the next few quarters given an expectation that weak operating trends will likely continue for the remainder of the company's fiscal 2013, the agency said.

As a result, the company's liquidity profile is considered less than adequate, S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.