The fast-food sector in France is suffering from the impact of the COVID-19 pandemic and the government's lockdown measures to minimize spread of the virus. With a structurally highly leveraged capital structure, a lengthening of the lockdown in France could endanger Burger King France's capital structure. We are therefore placing our 'B-' rating on Burger King France (BKF) on CreditWatch with negative implications. We plan to resolve the CreditWatch placement when we have further information on the evolution and spread of COVID-19, the expected length of its effects on the French fast-food industry, and the extent of the liquidity stress caused by the disruption. In resolving the CreditWatch, we will evaluate new information regarding the spread of COVID-19 and its
