On March 7, 2002, a rating was assigned to Darden Restaurants Inc.'s $150 million senior unsecured medium-term note issue due in 2007. The ratings on Darden were also affirmed at that time. The notes were drawn down under the company's shelf registration. Darden intends to use the proceeds from the sale of the notes to repay commercial paper and for other general purposes. The ratings on Darden reflect the company's relatively good position in the casual dining industry, financial conservatism demonstrated by its solid cash flow protection measures, and strong balance sheet. Darden is the largest full-service, casual dining restaurant company in the U.S., operating 661 Red Lobster, 484 Olive Garden, 25 Bahama Breeze, and 12 Smokey Bones BBQ restaurants.
