S&P gives Wendy's/Arby's B+

Standard & Poor's said it took various rating actions as a result of the consummation of the merger between Triarc Cos. Inc. and Wendy's International Inc.

The new entity will be called Wendy's/Arby's Restaurant Group Inc.

The agency said it took the following ratings actions:

• It assigned Wendy's/Arby's a B+ corporate credit rating. The outlook is stable;

• It lowered the corporate credit rating on Wendy's one notch to B+ from BB- and removed all ratings on Wendy's from Creditwatch with negative implications, where they were placed on April 26, 2007. The outlook is stable;

• It assigned a 4 recovery rating to the company's senior unsecured notes;

• Consequently, the agency said it lowered the senior unsecured rating and issue-level rating on those notes to B+ from BB-;

• It removed the ratings on Arby's Restaurant Group Inc., a subsidiary of Wendy's/Arby's, from Creditwatch with developing implications, where they were placed on April 24, and affirmed the B+ corporate credit rating on Arby's. The outlook is stable;

• It revised the recovery rating on Arby's senior secured credit facility to a 2 from a 1; and

• As a result of the revised recovery rating, the agency said it lowered the issue-level rating of Arby's senior secured credit facility one notch to BB- from BB.

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