PARIS (S&P Global Ratings) Aug. 11, 2021--S&P Global Ratings today said that Burger King France's (B-/Negative/--) disposal of the Quick restaurant network should improve the group's recently elevated leverage, but that its capital structure remains under pressure ahead of upcoming debt maturities. Already in December 2022, €200 million in toggle notes are due at the parent company level (consolidated in our analysis). While the disposal should support management's planned refinancing later this year, we believe successful execution will depend on a supportive trading environment. Our view of Burger King France's credit quality will depend upon its capital structure post refinancing and the resulting leverage, although we assume the group would not increase leverage beyond current levels. The €240 million of
