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S&P rates Focus Brands, loans B
Standard & Poor's said it assigned a B corporate credit rating to Focus Brands Inc., along with a B issue-level rating and 3 recovery rating to Focus Brands' $285 million senior secured bank credit facilities, which consist of a $10 million five-year revolving credit facility and a $275 million six-year term loan.
The proceeds will be used to finance the acquisition of Auntie Anne's Food Inc. and refinance existing debt.
The outlook is positive.
The ratings reflect Focus Brands' weak business risk profile, which reflects its presence in the highly competitive quick-service restaurant industry, S&P said.
Those factors are partly offset by its good brand diversity and a highly leveraged financial risk profile, the agency said.
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