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Fitch downgrades Darden to BBB-
Fitch said it downgraded Darden Restaurants, Inc.'s ratings, including its long-term issuer default rating to BBB- from BBB. The outlook is negative.
“The downgrade and negative outlook reflect the significant business interruption from the coronavirus pandemic and the implications of a downturn in discretionary spending that Fitch expects could extend well into 2021,” the agency said in a press release.
Fitch said it forecasts a steep increase in adjusted leverage to around 4.7x in fiscal 2020 (ending May 2020) from 2.5x in fiscal 2019 based on EBITDA declining to about $720 million in fiscal 2020 from about $1.25 billion in fiscal 2019 on a sales decline of over 15% to $7.2 billion in fiscal 2020.
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