The ratings on McDonald's Corp. are based on the company's strong leadership position in the quick-service sector of the restaurant industry, an outstanding track record, consistent financial strength, and worldwide capital resources. Nevertheless, McDonald's has had an increasingly aggressive financial policy; its domestic competitors have made inroads in terms of actual or perceived quality, service, and cleanliness; and there has been a decided slowdown in the company's growth rate, in part due to capacity issues in terms of the number of McDonald's restaurants in the U.S. Operating income grew by an average of only 4.8% for the past five years, including a 1.2% decline in 2001. McDonald's may be capable of reinvigorating performance over time, but Standard&Poor's believes
