S&P downgrades Vicorp

Standard & Poor's said it assigned a recovery rating to Vicorp Restaurants Inc.'s $126.5 million 10½% senior notes due 2011, while lowering the issue-level rating on this debt to CC from CCC-. The corporate credit rating is CCC-.

The outlook is negative, reflecting the increased near-term default risk as a result of the company not filing its 10-K within 30 days of its extended due date, the agency said

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