S&P: NPC on negative watch

Standard & Poor's said it placed NPC International Inc.'s B long-term corporate credit rating on CreditWatch with negative implications.

The CreditWatch placement follows the Pizza Hut franchisee's announcement that it has agreed to be acquired by private equity firm Olympus Partners.

The transaction is subject to regulatory approval and is expected close by the end of fiscal 2011, S&P said.

The debt-financed transaction will weaken NPC International's credit-protection measures from current levels over the next one to two years, the agency said.

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