Ratings reflect Brinker International's solid position in the casual dining industry, its good track record as a restaurant operator, and its satisfactory financial profile. Brinker is the second-largest company in the casual dining sector, based on sales. The growth of its Chili's, Macaroni Grill, and On The Border concepts into well-established chains reflects the company's ability to develop, commercialize, and operate diverse restaurant formats. Brinker's management depth and well-developed system infrastructure have been instrumental to this success. The company has historically recorded consistently good operating results due to its focus on atmosphere, food, and service. Brinker's operating margin increased slightly in the third quarter of 2004 due to sales leverage and a better mix. However, on a year-to-date basis, the
