Atlanta-based restaurant franchisor and operator IRB Holding Corp. (Inspire) has maintained good operating performance and cash flow generation following its acquisition of Dunkin' Brands Group. Inc. (Dunkin). We raised our issuer credit rating on Inspire to 'B+' from 'B'. At the same time, we raised our issue-level ratings on the company's senior secured facilities to 'B+' from 'B'; the '3' recovery rating is unchanged. We also raised our issue-level rating on its unsecured notes to 'B-' from 'CCC+'; the '6' recovery rating is unchanged. The stable outlook reflects our expectation for modest top-line growth and sustained profit margins over the next 12 months. We anticipate the company will continue to invest in its integration efforts and while it has already
