The coronavirus outbreak is having devastating consequences on the casual dining restaurant industry. Mandated closures, seating capacity reductions, and contagion fears are resulting in sharp reductions in restaurant traffic and sales volumes. We believe Darden Restaurant Inc.'s operating results will experience significant pressure over the next three to six months, straining credit protection metrics. We are removing the ratings from CreditWatch and lowering all of our ratings on Darden to 'BBB-' from 'BBB'. We are also lowering our short-term rating to 'A-3' from 'A-2'. The outlook is negative, reflecting the risk of a further downgrade if Darden experiences a sustained disruption to its business operations that pressures credit metrics more than we currently envision and strains liquidity. The downgrade reflects
