BusinessWeek:
Standard & Poor’s Ratings Services lowered Jack in the Box Inc.‘s outlook on Friday, citing its softer-than-expected operating performance.
The ratings agency cut the outlook to negative from stable and maintained the restaurant operator’s BB- corporate credit rating, which is considered non-investment grade.
Analyst Jackie E. Oberoi said in a statement that Jack in the Box’s sales at restaurants open at least a year were flat in fiscal 2008 and down 1.2 percent in fiscal 2009. The company reported an 11 percent decline in the figure for the first quarter of 2010 and 9 percent drop-off for the second quarter.