Moody’s downgrades Brinker

Moody’s Investors Service said it downgraded Brinker International, Inc.’s corporate family rating to B1 from Ba3, probability of default rating to B1-PD from Ba3-PD and senior unsecured non-guaranteed notes to B3 from B2.

The agency confirmed the guaranteed senior unsecured notes at B2 and the speculative grade liquidity rating remains at SGL-4. Moody’s revised the outlook to negative from under review. The downgrades conclude the review for downgrade started on March 23, the agency said.

“The downgrades reflect that Brinker’s revenues and earnings will remain well below last year even after many of its restaurants have opened given the material limitations on in-unit dining capacity that are expected to be put in place in local jurisdictions to maintain social distancing,” said Bill Fahy, a Moody’s senior credit officer, in a press release.

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