S&P trims Flynn Restaurant

S&P said it downgraded Flynn Restaurant Group LP to B- from B, citing lower revenues caused by the pandemic and the recession.

“We expect performance at the three restaurant concepts that are in Flynn’s restricted credit group (Panera, Taco Bell and Arby’s) will, on balance, experience substantial declines in 2020 following mixed results in 2019,” S&P said in a press release.

Assuming a recovery in 2021, S&P said it forecasts Flynn’s adjusted leverage to remain above 6.5x on a sustained basis.

The outlook is negative.

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