U.S. restaurant operator Darden Restaurants Inc. announced today that the sale of its seafood restaurant operating brand Red Lobster to Golden Gate Capital is complete. Our ratings on Darden, including the 'BBB-' corporate credit rating, remain on CreditWatch with developing implications, where we placed them on Dec. 19, 2013. We expect to resolve the CreditWatch placement following the completion of the company's previously announced debt repayment tender offer, which was recently extended to early August. The likely outcome remains an affirmation of our 'BBB-' corporate credit rating on Darden. On July 28, 2014, Standard&Poor's Ratings Services said its ratings on Darden Restaurants Inc., including the 'BBB-' corporate credit rating, remain on CreditWatch with developing implications, where we placed
