S&P Keeys Darden Restaurants (DRI) on CreditWatch Developing
- S&P, Dow eke out another record closing high as Nvidia momentum endures
- Goldman Sachs no longer expects Fed rate cut in May - reports
- Stocks eke out gain as Nvidia rally slows, yields slip
- Oil ends lower, posts weekly decline as US rate cut hopes dim
- Dollar index on track for first weekly fall this year
Standard & Poor's Ratings Services said its ratings on Darden Restaurants Inc. (NYSE: DRI), including the 'BBB-' corporate credit rating, remain on CreditWatch with developing implications, where we placed them on Dec. 19, 2013.
We placed ratings on CreditWatch following Darden's announcement in December 2013 that it plans to separate Red Lobster from the remaining group. Darden announced today the sale of Red Lobster to Golden Gate Capital for $2.1 billion, with proceeds to support about $1 billion debt reduction and share repurchases of up to $700 million.
We expect to resolve the CreditWatch placement close to the completion of the transaction, after evaluating the business and financial impact of the finalized transaction, the financing details, and management's financial policies and capital structure, including any resolutions with the activists.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Darden Restaurants to Host Fiscal 2024 Third Quarter Conference Call on March 21
- Citi on Large-Caps: 'strong earnings suggest that the current run up is less of a bubble than is feared'
- Wayfair (W) PT Lowered to $73 at Citi
Create E-mail Alert Related CategoriesCredit Ratings
Related EntitiesStandard & Poor's
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!