...- In its first-quarter 2022 trading update, U.S. food delivery company Grubhub Inc.'s parent, Just Eat Takeaway.com (JET) announced that management and its advisers are exploring strategic options for Grubhub. This could result in a strategic partner and/or the partial or full sale of Grubhub. - We no longer view Grubhub as core to JET's operations and do not expect JET to support Grubhub in all foreseeable circumstances. - On a standalone basis without ongoing support from JET, we believe Grubhub's capital structure is unsustainable because of tight liquidity and persistent free operating cash flow deficits as a result of material exposure to the New York City market with ongoing fee caps. - We lowered our issuer credit rating to '###+' from 'B-' and our issue-level rating on the company's $500 million senior unsecured notes to 'B-' from 'B'. The '2' recovery rating is unchanged. - The developing outlook reflects that we could affirm, raise or lower the rating depending on JET's willingness...
