The COVID-19 pandemic is leading to a growing number of event cancellations and closures of restaurants, schools, and other institutions. An emphasis on social distancing is also causing restaurant traffic to weaken significantly. We believe foodservice distributors will suffer significant near-term revenue and profit losses because of their reliance on these sectors. We are lowering our issuer credit rating and first-lien debt rating on U.S.-based The Chefs' Warehouse Inc. to 'B-' from 'B+' and placing all of the ratings on CreditWatch with negative implications. The CreditWatch placement reflects the potential for a lower rating over the next few months after we assess the near-term and long-term effect of COVID-19 on Chefs' credit metrics and liquidity position. However, the possibility of
