NEW YORK (AFX) - Ratings agency Moody's Investors Service said Friday it withdrew its corporate ratings and outlook on Sonic Corp. after the resturant operator completed its refinancing last month.
Moody's said actions taken by the company to secure its debt through a term loan and revolver resulted in the rating agency withdrawal of it corporate ratings.
Ratings withdrawn include 'Ba3' corporate family rating, 'B1' default rating, 'Ba3' on the $675 million senior secured term loan set to mature in 2013 and 'Ba3' on the $150 million senior secured revolver set to mature in 2011.
Oklahoma City based Sonic operates one of the largest U.S. chains of drive-in restaurants with more than 3,200 in 33 states.
Revenue for the company in 2006 was roughly $693 million.
Shares of Sonic dropped 55 cents to $22.72 in afternoon trading on the Nasdaq Stock Market.
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