Moody's lifts Real Mex

Moody's Investors Service said it upgraded Real Mex Restaurant Inc.'s speculative-grade liquidity rating to SGL-3 from SGL-4, recognizing its improved liquidity as a result of the recently completed refinancing.

Moody's said it also revised the rating on the company's newly issued $130 million of 14% second-lien senior secured notes due 2012 to B3 from the initial provisional rating of provisional B3, upon closing of the transaction.

Proceeds from the issuance were mainly used to refinance the 10% second-lien senior secured notes due April 1, 2010, the agency said, noting that the Caa2 corporate family rating remains unchanged, while the outlook is revised to stable from developing.

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