Moody’s changes Sierra Enterprises view

Moody's Investors Service said it affirmed Sierra Enterprises LLC's B2 corporate family rating and B2-PD probability of default rating.

Sierra is the owner of Lyons Magnus Inc.

At the same time, Moody's affirmed the company's first-lien revolving credit facility and first-lien term loan debt ratings at B2.

The outlook was changed to negative from stable.

The change in outlook to negative reflects Moody's expectation that Sierra's operating performance will be negatively impacted in 2020 by restaurant closures and volume reductions across the United States as a result of the coronavirus outbreak as well as job losses that will lead to cutbacks by consumers dining outside the home, the agency said.

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