S&P lowers Miller's Ale House

S&P said it lowered its ratings for Miller's Ale House Inc. to CCC from B-, citing the effect of the coronavirus pandemic on restaurants.

“The downgrade reflects weak operating prospects and a potential covenant violation that we believe could impair Miller's ability to service its financial obligations in full in the next 12 months,” said S&P in a press release.

S&P also removed Miller’s ratings from negative watch, where they were placed on March 19.

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