Overview -- Bloomin' Brands Inc., the parent company of OSI Restaurants Partners LLC, completed an IPO and used the proceeds along with cash to reduce debt, achieving significant reduction in debt leverage. -- We are raising the ratings on OSI Restaurant Partners LLC, including its corporate credit rating, to 'B+' from 'B' based on an improved financial risk profile and continued positive operating performance -- We also assigned a 'B+' corporate credit rating to Bloomin' Brand