NEW YORK (Standard&Poor's CreditWire) April 20, 2000--Standard&Poor's today revised its outlook on McDonald's Corp. to negative from stable. At the same time, Standard&Poor's affirmed its double-'A' long-term corporate credit, senior unsecured debt, and bank loan ratings and its double-'A'-minus subordinated debt rating on McDonald's. The company's 'A-1'-plus short-term corporate credit and commercial paper ratings were also affirmed. The outlook revision follows management's announcement that the board of directors had approved a $1 billion increase in its three-year share repurchase program to $4.5 billion through 2001. Standard&Poor's believes that this is indicative of a more aggressive financial policy, and could require external financing to be accomplished. In addition, because financial flexibility will not
