By far the leading quick service restaurant chain in the U.S. and industry leader in many international markets; Significantly larger advertising and marketing budgets relative to competitors; Large amount of stable revenue from franchise royalties and rental income; Leading industry average unit volumes and restaurant level operating margins; and Vulnerable to weak economic conditions, consumer preferences, and intense industry competition. Capital allocation to shareholders has increased leverage ratios to levels we do not expect to decline; Large real-estate portfolio of company owned restaurants and restaurants leased to franchisees; and We expect the company to distribute most free cash flow to shareholders. The stable outlook on McDonald's Corp. reflects our expectation that the company will borrow an estimated $3 billion during
