S&P upgrades AFC, on positive watch

Standard & Poor's upgraded AFC Enterprises Inc. including raising its $125 million term B loan due 2009, $75 million revolving credit facility due 2007 and $75 million term A loan due 2007 to B from CCC+. The CreditWatch was revised to positive from developing.

S&P said the action follows AFC's announcement that it has obtained an amendment to its credit facility, eliminating a significant near-term concern.

The amendment allows the company to delay the filing of its annual report until Oct. 31, 2003, and to delay the filing of its quarterly reports for first three quarters of 2003 until Dec. 1, 2003.

S&P said the extent of a future upgrade will be based on the company's operating results when its financial statements are filed.

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