The ratings on Oak Brook, Ill.-based McDonald's Corp. reflect Standard&Poor's Ratings Services' view of the company's business risk profile as "strong" because of its global market position, its consistent outperformance of other quick-service restaurant operators, and stable profit growth. However, we do not anticipate any material credit metric enhancement given the expected returns to shareholders. Based on the company's financial polices, we expect to continue to assess McDonald's financial risk as "modest." This also incorporates the company's credit protection measures, significant asset base, and good free cash flow generation. McDonald's recent operating results were in line with our expectations on a constant currency basis, but the impact of a stronger dollar was greater than anticipated. The domestic results
