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Brinker International Inc.
Standard & Poors, April 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Abstract
Good position in casual dining; Good historical track record as a restaurant operator; and Consistently satisfactory cash flow. Participation in the highly competitive restaurant industry. The ratings on Dallas-based Brinker International Inc. reflect Standard & Poor's Ratings Services' expectations that the company's revenue and operating performance will improve modestly in fiscal 2011 as demand in the casual-dining industry continues to stabilize. We also believe that credit metrics will gradually improve in the next few quarters, including debt to EBITDA approaching 2.6x. Brinker's satisfactory business profile reflects its participation in the competitive restaurant industry, its good position in the casual-dining industry, and its good track record as a restaurant operator. Much of the casual-dining industry experienced sales declines in recent years...
Companies mentioned in this report are: Brinker International Inc.
Action: Review
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