Moody's upgrades Dunkin'

Moody's Investors Service said it upgraded Dunkin' Brands, Inc.'s corporate family rating to B2 from B3. In addition, Moody's affirmed the company's B2 senior secured bank ratings and B3 probability of default rating. Moody's also assigned an SGL-2 speculative grade liquidity rating.

The outlook is stable.

Moody's said the upgrade of Dunkin's corporate family rating reflects the company's improved debt protection metrics, due in part to material debt reduction, and Moody's expectation of further improvement in operating performance over the following 12 to 18 months.

Dunkin' Brands reduced outstanding debt by about $370 million since Dec. 31, 2010, resulting in leverage on a debt to EBITDA basis declining to about 6.1 times from 7.4 times for the last-12-months period ended Sept. 24, Moody's said.

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