U.S.-based Darden Restaurants Inc.'s operating fundamentals continue to strengthen as it successfully executes its sales and cost-management initiatives. We project revenue and EBITDA will expand above pre-pandemic levels this year, supporting S&P Global Ratings-adjusted leverage returning to below 3x. We raised our issuer credit rating to 'BBB' from 'BBB-'. At the same time, we raised our senior unsecured debt rating to 'BBB' from 'BBB-' and our short-term rating to 'A-2' from 'A-3'. The stable outlook reflects our expectation that Darden's improving financial strength and leading operational capabilities will enable it to successfully navigate a highly dynamic environment. Labor productivity, reduced marketing, and general- and administrative-cost savings have contributed to S&P Global Ratings-adjusted EBITDA margin expanding roughly 200 basis points (versus
