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Last week, Carrols Corp. was served a three-notch upgrade on its $270 million credit facility by Standard & Poor's after the fast- food franchisee filed overdue financial statements for the first quarter 2005 and for 2004. The company's bank debt, which includes a $50 million revolver and a $220 million term loan B, was dropped to CCC+ from B+ and placed on credit watch in May after the company defaulted on its credit facility because of its failure to file its 2004 financial statements.
"The upgrade follows Carrols' recent filing of its annual financial...