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Ratings Review - June 4, 2002.
Byline: Gerald C. Magpily
Fast-food chain Wendy's International Inc. added burritos to its menu with the purchase of Fresh Enterprises Inc. on May 31 for $275 million. Fresh Enterprises manages 169 Baja Fresh Mexican Grill fast-food restaurants.
Rating agency Standard & Poor's followed the transaction with a revision of its outlook on Wendy's to stable from negative. Standard & Poor's also affirmed its triple-'B'-plus long-term and 'A-2' short-term corporate credit ratings.
"The rating affirmation reflects our belief that the acquisition of Fresh Enterprises offers some strategic value to Wendy's as it attempts to grow beyond its traditional …
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