Moody's flips Fogo trend to positive

Moody's Investors Service said it changed Fogo de Chao, Inc.’s outlook to positive from negative.

“The change in outlook to positive reflects the substantial improvement in Fogo de Chao's operating performance and credit metrics over the past year, which are now above pre-pandemic levels, and Moody's expectation that these will be sustained despite increased challenges related to labor and commodity cost inflation and a potential negative impact on consumers,” the agency said in a press release.

Moody’s concurrently affirmed Fogo de Chao’s ratings, including its Caa1 corporate family rating, its Caa1-PD probability of default rating and Caa1 on its senior secured bank credit facilities.

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