We expect significant demand declines and operating difficulties for casual dining and wine club operator Cooper's Hawk Intermediate Holding LLC due to the coronavirus pandemic and government-mandated dining room closures. As a result, we are lowering our ratings on Cooper's Hawk, including the issuer credit rating to 'CCC+' from 'B-'. We are also removing the ratings from CreditWatch, where we placed them with negative implications on March 19, 2020. The negative outlook reflects the risk that the business disruption from the coronavirus pandemic and ensuing recession could further weaken credit measures, tighten liquidity, or lead to a covenant violation or distressed restructuring. Health and safety The negative outlook reflects the risk that business disruption from the coronavirus pandemic and ensuing
