Form 8-K BRINKER INTERNATIONAL For: Aug 11
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Fitch Cuts Brinker International (EAT) to 'BB+' Following Q4 Results
August 11, 2016 11:48 AM EDTFitch Ratings has downgraded Brinker International, Inc.'s (NYSE: EAT) Long-Term Issuer Default Rating (IDR) to 'BB+' from 'BBB-'. The Rating Outlook is Stable.
The downgrade reflects a shift towards a more aggressive financial policy that Fitch projects will result in leverage (total adjusted debt/EBITDAR) moving up by 0.5x to around 4x in fiscal 2017, versus the previous expectation for leverage to be in the mid-3x in fiscal 2017 and versus 3.4x in fiscal 2016. Brinker announced that it plans to increase leverage in the range of $250 to $300 million in the... More
