Kroll Bond Rating Agency downgraded two classes of notes from restaurant chain TGI Friday’s inaugural ABS deal, citing continued decline in same-store sales and store count since the transaction closed in March 2017.
S&P Global Ratings was the first to downgrade the TGI Friday;s deal in February of this year from triple-B to BB+, the only such rating action it took in the whole business ABS sector since the financial crisis. Kroll almost downgraded the deal in March as well, but
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