Chicago-based quick-service restaurant (QSR) chain McDonald's Corp. currently generates robust free operating cash flow in the $5 billion to $6 billion range annually, by our estimates, and we expect further strengthening to over $7 billion annually in the coming two years as menu and technology initiatives grow market share globally. As a result, we revised our liquidity assessment to strong from adequate, incorporating availability under McDonald's $3.5 billion line of credit. We affirmed all of our ratings, including the 'BBB+' issuer credit rating, on McDonald's Corp. The stable outlook reflects our expectation that the company will continue to execute its operational plans to renovate its U.S.-based stores and focus on delivery and moderate technology investments over the coming year. Our
