S&P drops NPC International to D

S&P said it dropped its ratings for NPC International Inc. to D.

The downgrade reflects NPC’s Chapter 11 bankruptcy filing. “We believe the filing was a result of ongoing performance pressures due to increased labor and commodity costs as well as industry shifts (particularly impactful at the Pizza Hut operations) and capital structure issues exacerbated by the coronavirus pandemic,” S&P said in a press release.

The agency said it will discontinue its ratings on the company after 30 days.

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