...- Burger King France plans to refinance its capital structure with a mix of senior secured notes (SSN) and floating rate notes (FRN) amounting to 620 million maturing in 2026 and 235 million of payment in kind (PIK) notes at the parent, BKF Midco, maturing in 2027. - Having reached a critical size through the conversion of the Quick network, Burger King France is now expanding primarily through franchisees with a less capital expenditure-intensive business model, enabling increasing margins and positive free operating cash flow (FOCF). - We therefore revised our outlook on Burger King France to stable from negative and affirmed our 'B-' rating on the company. - The stable outlook reflects our expectation that Burger King France will be able to increase its EBIDTA significantly by executing its expansion program, progressively reducing S&P Global Ratings' adjusted leverage toward 9.0x over the next 12 months and generating minimal but positive FOCF after lease payments in 2022....
