On Nov. 11, 2002, Standard&Poor's Ratings Services placed its 'A+' long-term corporate credit, senior unsecured debt, and senior unsecured bank loan ratings, and its 'A' subordinated debt rating on McDonald's Corp. on CreditWatch with negative implications. The company had about $9.6 billion of debt outstanding as of June 30, 2002. The 'A-1' short-term corporate credit and commercial paper ratings were affirmed and not affected by this action. The CreditWatch placement reflects growing concern that Oak Brook, Ill.-based McDonald's will continue to struggle in its efforts to improve its existing worldwide restaurant business. The company recently announced that it was restructuring restaurant operations in four countries, closing business in three countries, closing about 175 underperforming restaurants in about 10
