S&P ups Restaurant Technologies

S&P said it raised its ratings on Restaurant Technologies Inc. and its first-lien senior secured credit facilities to B from B- and its second-lien senior secured term loan to CCC+ from CCC.

“Restaurant Technologies has outperformed expectations amid the pandemic, with better than expected revenue and margin performance, and we expect the company will sustain leverage in the 5x area or below in the next 12 months. In the third quarter, the company repaid $35 million of high-interest incremental term loan borrowings, using cash on hand and $10 million of borrowings on its revolving credit facility,” S&P said in a press release.

The agency noted that fresh oil unit deliveries increased 13% through Sept. 30 versus the same prior-year period.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.