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Fitch upgrades YUM!
Fitch Ratings said it upgraded YUM! Brands, Inc.'s long-term issuer default rating to BBB from BBB-, senior unsecured notes to BBB from BBB- and bank credit facilities to BBB from BBB-.
The agency also said it assigned a short-term issuer default rating of F2 to the company.
The outlook is stable.
The upgrade is due to improvement in YUM's credit profile since the 2007 to 2008 period when the company undertook a large debt-financed share repurchase program, Fitch said.
The agency said it expects consolidated operating performance to remain strong in the near term, despite challenges in the United States.
Fitch also said it believes YUM is capable of maintaining rent-adjusted leverage below 3x, which is appropriate for a BBB/F2 rating.
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