Moody's may cut Wendy's

Moody's Investors Service said it placed the ratings of Wendy's International Holdings, LLC and its wholly owned subsidiaries - Wendy's International Inc. and Arby's Restaurant Group - on review for possible downgrade.

The rating actions follow the announcement that the company is seeking amendments to its bank agreement that will permit the company to issue senior unsecured debt securities, the agency said.

Moody's said its review will focus on Wendy's International's ability to obtain an amendment to its credit agreement as planned, its success in accessing the debt capital markets, and ultimately the impact any additional debt will have on debt protection measures.

Moody's added that the following ratings were placed on review for possible downgrade:

• Wendy's International Holdings' corporate family rating at B1 and probability of default rating at B1;

• Wendy International Inc.'s $100 million 7% senior unsecured notes due 12/15/2025 at B2, $225 million 6.2% senior unsecured notes due 6/14/2014 at B2 and $200 million 6.25% senior unsecured notes due 11/15/2011 at B2; and

• Arby's Restaurant Group's senior secured revolving credit facility expiring 2011 at Ba2 and senior secured term loan B due 2012 at Ba2.

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