The Deal Pipeline:

Moody’s Investors Service upgraded the ratings of Burger King franchisee Caribbean Restaurants LLC to B3, from Caa2, after the company successfully refinanced its debt, the agency said Monday, March 5.

Standard & Poor’s upgraded the company to B-, from CCC, on March 1.

Cataño, Puerto Rico-based Caribbean Restaurants, a portfolio company of Castle Harlan Inc., on Feb. 8 allocated a $217.5 million senior secured financing consisting of a $195 million senior secured term loan due 2017 and a $22.5 million senior secured revolving credit facility due 2016.