We anticipate casual dining restaurant and wine club operator Cooper's Hawk Intermediate Holding LLC will benefit from an improving environment through 2021, resulting from economic recovery as consumers return to dining outside the home and COVID-19 vaccine distribution accelerates. As a result, we raised our ratings on Cooper's Hawk, including our issuer credit rating to 'B-' from 'CCC+'. The stable outlook reflects our expectation for improving performance trends driven by the company's continued expanding restaurant base, wine club membership growth, and recovering consumer traffic. The stable outlook reflects our expectation for improving performance trends and credit metrics over the next 12 months, with sufficient liquidity to support operations and absorb modest volatility. We could lower the rating on Cooper's Hawk
