Fitch maintains Brinker ratings

NEW YORK—Fitch Ratings said Monday that its ratings on Brinker International Inc. remained unchanged after the owner of the Chili's Grill & Bar chain said it was selling its majority interest in Romano's Macaroni Grill.

Under the terms of the deal, Brinker will sell most of its stake to Mac Acquisition LLC -- a unit of San Francisco-based Golden Gate Capital -- for $131.5 million in cash.

Brinker will then turn over $6 million to Mac Acquisition in order to hold onto a 19.9 percent stake in the brand.

The deal is expected to close at the end of the year.

Fitch analysts have a "Negative" outlook on Brinker, and said Monday that the restaurant chain's credit metrics remain weak. Meanwhile, Fitch warned Brinker could face a downgrade if the company doesn't use the cash from the deal to improve its credit profile.

Fitch rates Brinker as a "BBB-" for issuer default, senior unsecured notes and bank credit facilities. That is the ratings agency's lowest investment grade rating.

Brinker shares fell 60 cents, or 2.9 percent, to close at $20.19.