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Moody's may cut CBRL
Moody's Investors Service said it placed the ratings of CBRL Group, Inc. on review for possible downgrade.
The agency said that ratings placed on review include the company's Ba2 corporate family rating, Ba2 probability of default rating and Ba2 senior secured debt rating.
The review for possible downgrade considers that the continuation of a weak consumer environment and high commodity costs could make it difficult for CBRL to improve its credit statistics to a level more consistent with its current rating, Moody's said.
Currently, debt/EBITDA of 4.45 times and retained cash flow/debt (9.7%) are more characteristic of a lower rating category, the agency noted.
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