...- A third wave of COVID-19 cases in the U.S. in recent months has led to the regional closures of some of Bowlero Corp.'s recently reopened centers and could slow the ramp-up of the revenue from its centers that remain open. Therefore, we have lowered our revenue and EBITDA forecasts for the company in fiscal year 2021 (ending June), which leads us to expect that it will burn cash and report very high adjusted leverage during the year. - Despite downwardly revising our revenue and EBITDA forecasts, we are affirming our 'B-' issuer credit rating on Bowlero because we believe it could achieve a level of run rate revenue, EBITDA, and cash flow that would be sufficient to sustain its capital structure by the second half of calendar year 2021. In addition, we believe the company has enough liquidity to survive a moderate level of closures and reduced revenue. - At the same time, we are affirming our 'B-' issue-level rating on Bowlero's senior secured credit facilities, which comprise a $50 million...
