Moody's Investors Service ("Moody's") today affirmed Bojangles, Inc. ("Bojangles") B3 Corporate Family Rating (CFR), B3-PD Probability of Default Rating (PDR), B2 1st lien secured bank facility and Caa2 2nd lien secured bank facility. "The negative outlook reflects the significant uncertainty surrounding the potential length and severity of restaurant closures as a result of the coronavirus pandemic and the ultimate impact that these closures will have on Bojangles' revenues, earnings and liquidity." The affirmation of the B3 CFR reflects Bojangles' operations as a quick service restaurant which historically have had a high reliance on drive-through and pick up and the continuation of Bojangle's drive-through, pick-up and curbside operations.

Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Bojangles, Inc. New York, May 04, 2020 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Bojangles, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.