McDonald's Corp.'s Proposed Senior Unsecured Notes Rated 'BBB+'

SAN FRANCISCO (S&P Global Ratings) May 14, 2024--S&P Global Ratings today assigned its 'BBB+' issue-level rating to global restaurant company McDonald's Corp.'s proposed senior unsecured notes. McDonald's is issuing these notes under its U.S. medium-term note program and they will rank pari passu with the company's existing senior unsecured debt. McDonald's will use the net proceeds from the notes for general corporate purposes, which could include debt refinancing, capital expenditures, and funding for shareholder returns. The company reported $37.4 billion of funded debt outstanding as of the first quarter ended March 31, 2024, with about $1.5 billion maturing later this year. All of our existing ratings on McDonald's, including our 'BBB+' long-term issuer credit rating on the company, are unchanged.

...May 14, 2024 SAN FRANCISCO (S&P Global Ratings) May 14, 2024--S&P Global Ratings today assigned its '###+' issue-level rating to global restaurant company McDonald's Corp.'s proposed senior unsecured notes. McDonald's is issuing these notes under its U.S. medium-term note program and they will rank pari passu with the company's existing senior unsecured debt. McDonald's will use the net proceeds from the notes for general corporate purposes, which could include debt refinancing, capital expenditures, and funding for shareholder returns. The company reported $37.4 billion of funded debt outstanding as of the first quarter ended March 31, 2024, with about $1.5 billion maturing later this year. All of our existing ratings on McDonald's, including our '###+' long-term issuer credit rating on the company, are unchanged. The company's first-quarter 2024 earnings showcased some of the challenges the quick-service restaurant (QSR) industry currently faces. Significant inflation over the past few...

Ratings Action