Moody's Investors Service has lowered all of its ratings of New World Restaurant Group, operater and franchiser of 761 quick-service restaurants principally under the banners Manhattan Bagel and Einstein Bros. Bagels. The Eatontown, New Jersey-based firm's US$140m increasing rate senior secured notes (due June 2003) has been dropped from to Caa2 from B3, its Senior Implied rating to Caa2 from B3, and its Long-term unsecured issuer rating to Ca from Caa1. The rating outlook is negative.