...The Outlook revision reflects Sizzling Platter, LLC's (Sizzling; B¡/Stable) heightened re- leveraging risk following the announced acquisition by Bain Capital Private Equity. The transaction is subject to customary closing conditions, including final approval by franchisors and regulatory approvals. Fitch Ratings will reassess the ratings following post-transaction close. The 'B-' rating reflects Sizzling's position as a major franchisee of the Little Caesars, Wingstop and Jamba Juice quick-service restaurant chains. It also incorporates the company's modest scale and reliance on Little Caesars for about 57% of revenue. Sizzling exhibits positive same- store-sales (SSS) growth and improved operating performance amid a challenging macroenvironment. EBITDAR leverage was 2.9x as of the end of 2024, down from 3.5x in 2023, primarily through EBITDA expansion....
