We expect McDonald's Corp. to generate solid operating results this year as macroeconomic conditions improve and the company executes its strategic growth initiatives. We forecast improving earnings and cash flow generation will support debt-reduction efforts and result in adjusted leverage improving to below 4x during fiscal 2021. Therefore, we revised our outlook on McDonald's to stable from negative and affirmed all of our ratings on the company, including our 'BBB+' issuer credit rating. The stable outlook reflects our expectation for stronger operating results this year that will enable McDonald's to reduce leverage. Industry sales within the chicken segment of the limited service restaurant industry have grown at a five-year compounded annual growth rate of 9% compared to the burger category's
