...June 19, 2020 PARIS (S&P Global Ratings) June 19, 2020--S&P Global Ratings today said that Burger King France SAS' (BKF; B-/Watch Neg/--) raising of a 80 million loan under the French PrOt Garanti par l'Etat (PGE) mechanism further strengthens the company liquidity. This transaction allows BKF to carry on with its network expansion plan and alleviates any potential covenant stress insofar as part of the proceeds will repay the revolving credit facility. In addition, the reopening of restaurants in all regions of France as of June 15, 2020 should lead to rapid normalization of BKF's operations. We expect the coming weeks to illuminate any durable effects of the COVID-19 pandemic on the company's activity as virtually all its network reopens. Consequently, we expect to resolve our CreditWatch placement on our ratings on BKF when we have more clarity on the extent to which the normalization of the company's capacity translates into a normalization of its revenue....
