S&P ups Real Mex

Standard & Poor's said that it raised its corporate credit ratings on Real Mex Restaurants Inc. to B- from CCC.

Previously, the rating was unsolicited; at this time and going forward, it is now interactive, the agency added.

S&P said that the company plans to privately place $110 million of senior secured notes to refinance its current senior secured notes due in April 2010.

"The action extends the company's maturity profile, which provides it with additional financial flexibility in the near term," said Charles Pinson-Rose.

The outlook is stable.

S&P said it also assigned a 3 recovery rating and B- issue-level rating to the proposed note issuance.

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