S&P acts on casual dining companies

S&P said it took action on several casual dining companies, changing the outlook on Flynn Restaurant Group LP to negative from stable and putting Flynn’s and six other companies on RatingWatch with negative implications. The agency cited the measures being taken by states and municipalities to deal with coronavirus.

The outlook revision for Flynn reflects the view that a significant decline in dine-in volumes because of a potentially extended coronavirus outbreak could pressure performance and tighten liquidity in the near term.

The other companies on negative watch are IRB Holding Corp., Fogo de Chao Inc., Golden Nugget Inc., CEC Entertainment Inc., Cooper’s Hawk Intermediate Holding LLC and PHD Group Holdings LLC.

S&P plans to review the companies’ ratings in the next 90 days.

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