Moody's lowers Uno

Moody's Investors Service said it downgraded the corporate family rating of Uno Restaurant Holdings Corp. to Ca from Caa2 and its senior secured notes rating to Ca (LGD4, 58%) from Caa2 (LGD4, 61%).

At the same time, Moody's said that the probability of default rating was lowered to Ca from Caa2.

The outlook remains negative.

The agency said that the Ca corporate family rating and Ca probability of default rating reflect Uno's elevated probability of default, primarily stemming from increased uncertainty surrounding its capital structure due to a potential restructuring, as well as a potential technical default under its bond indenture arising from the non-payment of interest currently due.

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