Moody's: CBRL outlook developing

Moody's Investors Service said it affirmed CBRL Group Inc.'s Baa3 senior unsecured debt rating and changed the outlook to developing following the company's announcement that it is in the process of reviewing potential capital structure initiatives intended to enhance shareholder value.

The agency said CBRL owns a sizable amount of real estate and recent pressure on other restaurant companies in the market to "unlock" real estate-related value is escalating.

The developing outlook incorporates uncertainty as to the timing, nature and potential impact on creditors resulting from any actions taken by the company.

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