Moody's Ratings changes Papa John's outlook to negative; Ba3 CFR affirmed
Rating Action: Moody's Ratings changes Papa John's outlook to negative; Ba3 CFR affirmed. Global Credit Research- 16 Mar 2026. New York, March 16, 2026-- Moody's Ratings today changed Papa John's International, Inc.' s outlook to negative from stable and affirmed its existing ratings, including its corporate family rating at Ba3, probability of default rating at Ba3-PD and its senior unsecured notes at B2.Papa John's International operates and franchises pizza delivery and carryout restaurants and, in certain international markets, dine-in and delivery restaurants. The company has four reportable segments: domestic the company-owned restaurants, which engages in retail sales of pizza and side items; North America commissaries, which includes the operations of the company's regional dough production and product distribution centers; North America franchising, which includes the company's franchise sales and support activities; and international operations, which includes the distribution sales to franchised Papa John's restaurants in the United Kingdom and its franchise sales and support activities.
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