The ratings on Dallas, Texas-based Brinker International reflect the company' 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 historically has recorded consistently good operating results because of its focus on atmosphere, food, and service. Brinker's operating margin narrowed to 16.2% in fiscal 2004 (ended June 25) from 16.6% in fiscal 2003 because of
