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S&P downgrades Bloomin’ Brands

May 15, 2020 - S&P Global Ratings expects Bloomin' Brands operating performance and credit quality to sharply deteriorate this year due to the impact of the coronavirus pandemic. The credit agency lowered Bloomin's issuer credit rating to 'B+' from 'BB-' and also lowered the issue-level rating on the company's secured credit facility to 'BB-' from 'BB+'. Both are considered non-investment grade speculative ratings. S&P said has a negative outlook for Bloomin' (Nasdaq: BLMN), the Tampa-based parent company of Outback Steakhouse and other casual dining brands. The negative outlook reflects the risk of a lower rating if the company experiences prolonged operating pressure that limits its ability to improve cash flow and credit metrics to appropriate levels for the current rating, S&P Global Ratings said.

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