The coronavirus pandemic represents a significant shock to the U.S. restaurant industry due to anticipated near-term decline in demand and widespread restaurant closures. Therefore, we anticipate that Grubhub Inc.'s restaurant delivery and takeout ordering platform will come under pressure. Accordingly, we placed our ratings on Grubhub on CreditWatch with negative implications. The CreditWatch placement reflects the potential that we will lower our rating on the company if its volume of food pick-up and delivery orders declines materially over the next few months because of more-stringent shelter-in-place directives, or if restaurant closures weaken its cash flow generation or affect our view of the company's liquidity position. The Centers for Disease Control and Prevention (CDC) have issued social distancing guidelines to slow
