Moody’s affirms Portillo's on additional debt

Moody's Investors Service said it affirmed the ratings of Portillo's Holdings, LLC following the company's announcement that it intends to raise an incremental $96 million in debt to partially fund a $109 million dividend to its private equity owner.

Ratings affirmed include Portillo's B3 corporate family rating, B3-PD probability of default rating, B2 first-lien senior secured bank facility rating and Caa2 second-lien senior secured term loan rating.

The outlook remains stable.

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