Moody's alters Cooper's Hawk view to stable

Moody's Investors Service said it changed Cooper's Hawk Intermediate Holding, LLC's outlook to stable from negative. The agency also affirmed all ratings, including its Caa1 corporate family rating, Caa2-PD probability of default rating and Caa1 ratings on its senior secured credit facilities.

"The outlook change to stable reflects our expectation for continued improvement in operating performance and credit metrics as the company further recovers from the pandemic-related declines in 2020 and early 2021," said, Mike Zuccaro, a Moody's vice president, in a press release.

"Coopers Hawk's restaurants have shown a solid recovery in same-store sales over the past year, which is expected to continue as restaurant units return closer to normal operating capacity and as its wine club membership continues to grow at a strong pace. The company also plans to open a significant number of new restaurants in 2022, which will drive additional future growth but also result in continued negative free cash flow over the coming year," Zuccaro said.

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