S&P puts Restaurant Co. on negative watch

Standard & Poor's said it placed The Restaurant Co.'s B corporate credit and senior unsecured debt ratings and BB- senior secured debt rating with a recovery rating of 1 on CreditWatch with negative implications following the company's announcement that it is pursuing the acquisition of Marie Callender's Restaurant & Bakery.

S&P said ratings could be either lowered or affirmed, given the incremental $100 million bank debt and additional lease-equivalent debt that will be assumed by The Restaurant Co. as well as the small size of Marie Callender's.

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