S&P turns Darden view to positive

S&P said it changed Darden Restaurants Inc.’s outlook to positive from negative and affirmed its ratings, including the BBB- ratings on its senior unsecured notes.

“The sales recovery across Darden's restaurant portfolio is accelerating, aided by increasing dining room capacity and government stimulus. Same-restaurant sales improved sequentially during the first three weeks of fourth-quarter 2021 (fiscal year ending May) and exceeded 2019 sales for the week ending March 21, powered by growth at its two largest brands, Olive Garden and LongHorn Steakhouse. While the boost from stimulus checks will taper, we expect further vaccination progress, greater mobility, and improving consumer confidence to fuel increased spending at Darden's restaurants,” S&P said in a press release.

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