Summary: Brinker International Inc.

Good market position in casual dining under the Chili's and Maggiano's brands; Good track record as a restaurant operator with expanding margins in recent years; Participates in the highly competitive restaurant industry that is characterized by a cautious consumer. Consistent and satisfactory operating cash flow generation; Moderate financial policy; and Credit metrics that are consistent with an "intermediate" financial risk profile. Our rating outlook on Brinker International Inc. is stable. We expect operating performance to improve modestly in fiscal 2014 as the company implements additional operating initiatives to drive traffic and protect margins in a weak discretionary dining environment. We also believe Brinker will continue shareholder initiatives consistent with its moderate financial policy and credit metrics will remain in line

Summary