The ratings on McDonald's reflect its worldwide leadership in the quick-service sector of the restaurant industry, its consistent and solid operating performance since 2003, and its strong financial flexibility. These strengths are partially mitigated by the company's participation in the intensely competitive quick-service restaurant sector. Oak Brook, Ill.-based McDonald's holds the world's No. 1 position in terms of restaurant sales. The company possesses substantial business strengths because of its strong brand recognition, prime real estate locations, and marketing power. Standard&Poor's Ratings Services expects McDonald's currently good operating trends to continue; however, results could be uneven because of the intensely competitive and mature quick-service restaurant sector. Burger King Corp., Wendy's International Inc. and Yum! Brands Inc., McDonald's chief competitors,
