Moody's alters Flynn view to stable

Moody's Investors Service said it changed Flynn Restaurant Group LP's outlook to stable from negative and affirmed its B3 corporate family rating, B3-PD probability of default rating, B2 first-lien secured bank facility rating and Caa2 second-lien secured bank facility rating.

"The affirmation and change in outlook to stable from negative reflect the steady improvement in operating performance of Flynn's restricted group that has resulted in earnings and cash flow growth despite continued government restrictions in certain jurisdictions as a result of the pandemic," said Bill Fahy, a Moody's senior credit officer, in a press release.

"The ratings and outlook also anticipate that operating performance will continue to improve, particularly at Panera due in part to same store sales lapping historic lows and as consumers increase their spend on food-away from home as government restrictions continue to be scaled back," Fahy added.

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