NEW YORK (Standard&Poor's) Oct. 29, 2001--Standard&Poor's today lowered its long-term corporate credit and senior unsecured debt ratings on McDonald's Corp. to single-'A'-plus from double-'A', and lowered its subordinated debt rating to single-'A' from double-'A'-minus. The short-term corporate credit and commercial paper ratings on McDonald's were lowered to 'A-1' from 'A-1'-plus. The outlook is stable. The downgrade is based on Standard&Poor's opinion that McDonald's plan to embark on a $5 billion share repurchase program, at a time when earnings are faltering and growth prospects for the future are less optimistic, detracts from its historic credit strength. For more than 20 years, McDonald's superior rating was supported by a strong leadership position in the quick-service sector
