This report does not constitute a rating action. PARIS (S&P Global Ratings) April 21, 2023--S&P Global Ratings said today that the performance of Burger King France SAS (B-/Stable/--) in 2022 was stronger than expected, leading to robust credit metrics. S&P Global Ratings-adjusted revenue reached €551 million (versus €473 million in 2021) and S&P Global Ratings-adjusted EBITDA margin was 36.1% (versus 35.3% in 2021), leading to adjusted leverage of 7.6x (versus 8.7x in 2021 and 7.9x-8.3x anticipated for 2022). These credit metrics solidify our view of Burger King France's creditworthiness at our 'B-' long-term issuer credit rating. Burger King France's systemwide sales expanded by 30% to €1.58 billion and outperformed our expectations by about 500 basis points. Key drivers behind the
