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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2014-09-11 00:00:00",
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  "notes": "Includes a synthetic credit rating model based on Moody's criteria.",
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      "text": "Assumes $90 million EBITDA improvement vs. consensus",
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      "text": "If Darden can realize just $65-90 million of our expected $271 million in cost reductions, we believe it can ensure that an SRG spinoff will not put its credit rating in jeopardy.",
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      "text": "Equivalent S&P Rating: BBB-",
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      "text": "With approximately $90 million in savings, we believe Darden can position itself for an upgrade to Baa2 even after an SRG spinoff:",
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      "text": "In the event that we determine that an SRG spinoff may put Darden's credit rating at risk, we believe this risk would be mitigated with the realization of just $65 million in EBITDA improvements.",
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      "text": "If Darden brings in additional capital through a larger real estate portfolio sale, a partial IPO of SRG, or putting net debt on SRG, the cost savings necessary to retain its investment grade rating following an SRG spinoff could be greatly reduced.",
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