S&P rates Caribbean Restaurants loan B-

Standard & Poor's said it assigned a B- rating with a recovery rating of 3 to Caribbean Restaurants LLC's new senior secured facility, which comprises $22.5 million revolving credit facility due 2016 and $195 million senior secured term loan due 2017.

The B- corporate credit rating remains unchanged.

The debt is being issued by holding company Restaurant Holding Co. LLC and is guaranteed by Caribbean and all direct and indirect subsidiaries.

The 3 recovery rating indicates 50% to 70% expected recovery in a default.

The action follows the company's completion of its proposed refinancing of its existing debt due 2012, S&P said.

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