TGI Friday's franchise ABS downgraded for second time

tgi-fridays UK restaurant for website
By Jennifer Kang
20 Aug 2019

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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