...February 26, 2025 New York (S&P Global Ratings) Feb. 26, 2025--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 has about $38 billion of funded debt outstanding as of the Dec. 31, 2024, with about $4.7 billion maturing over the next 12 months. We continue to expect S&P Global Ratings adjusted debt to EBITDA in the 3.3x to 3.4x area in 2025, as the company balances maintaining its credit metrics with growth priorities and shareholder returns. All of our existing ratings on McDonald's, including our '###+' long-term issuer credit rating on the company,...
