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Article: Fitch Downgrades Brinker International's IDR to 'BBB'; On Rating Watch Negative.
- Article from:
- Business Wire
- Article date:
- August 30, 2006
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NEW YORK -- Fitch Ratings has downgraded the following ratings for Brinker International (Brinker):
--Issuer Default Rating (IDR) to 'BBB' from 'BBB+';
--Senior unsecured notes to 'BBB' from 'BBB+';
--Bank credit facility to 'BBB' from 'BBB+'.
Fitch has also placed Brinker on Rating Watch Negative. Approximately $503 million of senior unsecured debt is affected by this rating.
On Aug. 29, 2006, Brinker announced a plan to commence a modified Dutch tender offer for up to 11.7 million shares, or 14% of its outstanding shares, for a maximum aggregate purchase price of $450 million. At the same time, Brinker announced a new $400 ...