Restaurant operators are experiencing sharp demand declines as the coronavirus pandemic spreads throughout the country. We expect Taco Bell franchisee Tacala LLC's operating performance to weaken significantly while the pandemic impairs its operations, with double-digit revenue declines leading to a leverage spike in fiscal 2020 followed by a recovery in 2021. We are revising our outlook to negative from stable and affirming all our ratings, including our 'B-' issuer credit rating. The negative outlook reflects the risk that we could lower the rating if a prolonged disruption causes us to view Tacala's capital structure as unsustainable. This could include recessionary trends persisting and resulting in lower traffic over a longer-than-anticipated period. We expect same-store sales declines in the mid-20% to
