Leading position in casual dining A long history of success in the restaurant industry Solid balance sheet and credit protection measures Cash flow consistently strong Participates in a highly competitive industry Needs to find additional avenues for long-term growth The ratings on Darden Restaurants Inc. reflect the company's relatively good position in the casual dining industry, financial conservatism demonstrated by its solid cash flow protection measures, and a strong balance sheet. Darden is the largest full-service, casual dining restaurant company in the U.S., operating 676 Red Lobster, 527 Olive Garden, 34 Bahama Breeze, and 44 Smokey Bones BBQ restaurants, along with one Seasons 52 restaurant. Darden's operating performance improved materially from 1998 to 2002 due to successful reinvestments in its
