U.S. restaurant operator Darden Restaurants Inc. has announced cash tender offer for its senior notes, using the pending sale proceeds from its seafood restaurant operating brand Red Lobster. The 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 closer to the completion of the transaction and tender offer (which we expect in late July), reflecting our evaluation of the business and financial impact of the Red Lobster sale, including operating initiatives, financing details, and management's financial policies and capital structure. The likely outcome remains an affirmation of our 'BBB-' corporate credit rating on Darden. On June 30, 2014, Standard
