S&P lowers Uno Restaurant to D

Standard & Poor's said it lowered its ratings, including the corporate credit rating, on Uno Restaurant Holdings Corp. to D from CC.

The downgrade is based on the company's failure to pay the Aug. 15 interest payment on its 10% senior secured second-lien notes due 2011, the agency said.

However, given the company's weak liquidity and operating trends, the agency said it does not expect it to make the payment.

Uno is the parent company of casual-dining operator Uno Chicago, S&P said, noting that a decrease in comparable-store sales and increased commodity costs led to diminishing operating margins year-to-date and cash flows that worsened from a year ago.

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