Under its new CEO, McDonald's is working to revitalize customer traffic and improve results to historical levels. Improved in same-store sales in its core markets will be necessary to support the 'A' rating in light of continued substantial allocation of capital to shareholders. While the company's credit metrics are more likely to remain below recent levels, the company's business risk profile and prospective financial strength still support the 'A' rating. We are revising our outlook to negative, reflecting our view that there is a one-third chance the company cannot improve revenue growth, customer traffic and share within the next two years (especially in the U.S. market). Under that scenario, a one–notch downgrade would result, as we would no longer consider
