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Moody’s ups Restaurant Holding, loans
Moody's Investors Service said it upgraded the ratings of Restaurant Holding Co., LLC, including its corporate family rating to Caa1 from Caa2, probability of default rating to Caa1-PD from Caa2-PD and $145 million senior secured term loan and $10 million senior secured revolver to B3 from Caa1.
The $50 million second-lien term loan was affirmed at Caa3.
The outlook is stable.
Moody’s said the action reflects Restaurant Holding’s improved earnings performance and lower debt to EBITDA (to 6 times from 6.7 times) driven by consumer demand for its core products and lower operating costs, both of which were driven in large part by lower gasoline prices as well as commodity deflation.
The revised ratings reflect the company's weak interest coverage and high leverage with EBIT to interest of well under 1 time, debt to EBITDA of about 6 times and adequate liquidity, the agency added.
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