The ratings on McDonald's Corp. reflect the company's worldwide leadership in the quick-service sector of the restaurant industry. However, they also take into account disappointing results in 2002, and Standard&Poor's Ratings Services' opinion that management continues to face significant challenges in successfully implementing a number of important strategic changes designed to revitalize McDonald's worldwide business. The company possesses substantial business strengths, 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
