Moody's assigns Ba3 to Yum! notes

Moody's Investors Service said it assigned a Ba3 rating to Yum! Brands Inc.'s expected $500 million senior unsecured note offering.

All other ratings remain unchanged, including Yum's Ba2 corporate family rating, Ba2-PD probability of default rating and Ba3 senior unsecured ratings. KFC Holding Co.'s Baa3 senior secured ratings and Ba2 senior unsecured rating also remain unchanged. Yum's speculative grade liquidity rating is SGL-1 and the outlook is stable, the agency said.

The proceeds will be used to refinance the 7¾% senior notes due 2025, satisfy the call premium, pay fees & expenses associated with the offering.

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