...NEW YORK (S&P Global Ratings) Jan. 9, 2017--S&P Global Ratings said today that news McDonald's Corp. is selling a majority stake in its China and Hong Kong operations to CITIC and The Carlyle Group for up to about $2 billion is credit neutral and has no impact on ratings. This development is also in line with our expectations for lease-adjusted leverage in the low- to mid-3x range in the coming year. The sale will give CITIC a controlling 52% stake with Carlyle and McDonald's holding 28% and 20%, respectively, according to the fast food company. In our view, the transaction is in line with McDonald's strategy to refranchise units globally, though it remains unclear how the company will use proceeds presuming the company has completed its three-year $30 billion share repurchase target by the end of 2016. For now, we do not expect any significant debt reduction from proceeds. We believe there is upside for McDonald's competitive position in China and for their minority stake in this transaction...
