Various Negative Rating Actions Taken On U.S.-Based Casual Dining Issuers On Coronavirus Pandemic

The coronavirus pandemic represents a significant shock to the U.S. casual dining industry due to anticipated drastic near-term demand declines and store closures. We are taking various negative ratings actions on rated U.S. casual dining restaurant operators. We are placing a number of ratings on CreditWatch with negative implications and we intend to review the ratings in the next 90 days in the context of individual issuer liquidity profiles and our evolving view of the severity and duration of the decline. NEW YORK (S&P Global Ratings) March 19, 2020--S&P Global Ratings today took various negative rating actions on 10 U.S. casual dining restaurant operators that we think have especially heavy exposure to the disruptions associated with the coronavirus pandemic. The

...- The coronavirus pandemic represents a significant shock to the U.S. casual dining industry due to anticipated drastic near-term demand declines and store closures. - We are taking various negative ratings actions on rated U.S. casual dining restaurant operators. - We are placing a number of ratings on CreditWatch with negative implications and we intend to review the ratings in the next 90 days in the context of individual issuer liquidity profiles and our evolving view of the severity and duration of the decline. NEW YORK (S&P Global Ratings) March 19, 2020--S&P Global Ratings today took various negative rating actions on 10 U.S. casual dining restaurant operators that we think have especially heavy exposure to the disruptions associated with the coronavirus pandemic. The rating actions on companies with casual dining exposure reflect the heightened risk these issuers face to a dramatic and possibly sustained decline in foot traffic. The Center for Disease Control and Prevention has...

Ratings Action