The ratings on McDonald's Corp. reflect disappointing results in 2002, and Standard&Poor's Ratings Services' opinion that management faces significant challenges in successfully implementing a number of important strategic changes designed to revitalize McDonald's worldwide business. The company still possesses substantial strengths based on its worldwide leadership in the quick-service sector of the restaurant industry, and its overall business profile is considered to be above average. However, McDonald's financial performance has been hurt, as it has felt the brunt of inroads made by domestic competitors in terms of actual or perceived quality, service, and cleanliness. In addition, growth for the quick-service sector as a whole has slowed, while casual dining has seen better-than-average gains. Although many of the company's
