The ratings on Darden Restaurants Inc. 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 672 Red Lobster, 516 Olive Garden, 32 Bahama Breeze, and 34 Smokey Bones BBQ restaurants. The company's operating performance improved materially from 1998 to 2002 due to successful reinvestments in its core businesses. During this period, the company has improved the food, service, and atmosphere at its units. As a result, as of Feb. 23, 2003, Olive Garden had recorded 34 consecutive quarters of same-store sales gains, and Red Lobster had recorded 21 consecutive quarters. Olive
