Moody's downgrades Bloomin' Brand's CFR to B1; bank credit facilities to Ba3; outlook negative
Rating Action: Moody's downgrades Bloomin' Brand's CFR to B1; bank credit facilities to Ba3; outlook negative. Global Credit Research- 22 May 2020. New York, May 22, 2020-- Moody's Investors Service today downgraded Bloomin' Brands, Inc.' s Corporate Family Rating to B1 from Ba3, $1.0 billion senior secured revolver to Ba3 from Ba2 and $500 million senior secured term loan to Ba3 from Ba2.Bloomin' Brands is a holding company. Through its subsidiaries, the company is a casual dining restaurant company. The company has four concepts: Outback Steakhouse, which is a casual steakhouse restaurant concept focused on steaks and Australian decor; Carrabba's Italian Grill, which provides Italian cuisine; Bonefish Grill, which focuses on fish, wood-grilled items and cocktails; and Fleming's Prime Steakhouse & Wine Bar, which is a steakhouse concept featuring beef, chops, fish, seafood and poultry, salads and side dishes. The company owns and operates restaurants across the U.S., Puerto Rico, Guam and other countries.
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