Dallas-based casual dining restaurant company Brinker International Inc. recently amended its credit agreement, completed a secondary common stock offering and has reported moderating cash burn rates. We are affirming our 'B+' issuer credit rating and removing all of the ratings from CreditWatch, where we placed them with negative implications on March 17, 2020. The outlook is negative. Concurrently, we are lowering the issue-level rating on the company's unsecured notes due 2023 to 'B-' from 'B+' and revising the recovery rating to '6' from '3'. We affirmed the 'BB-' issue-level rating on the unsecured notes due 2024 and the '2' recovery rating is unchanged The negative outlook reflects the risk of a lower rating if the company encounters delays in refinancing
