U.S. restaurant operator Darden Restaurants Inc. has announced the completion of its cash tender offer for its senior notes, using the proceeds from the Red Lobster sale. We are affirming all of our ratings, include our ?BBB-? corporate credit rating, on Darden and removing them from CreditWatch, where we placed them with developing implications in December 2013. The affirmation reflects our expectation that the company will make progress with improving results at Olive Garden and it will also maintain credit metrics in line with a low investment-grade rating, following its $1 billion debt repayment. It also reflects our view that the Red Lobster sale does not materially weaken Darden?s competitive position. The negative outlook reflects our expectation that operating performance
