Moody's assigns B1 to Yum! Brands note

Moody's Investors Service said it assigned a B1 rating to Yum! Brands Inc.'s planned $1.05 billion senior unsecured note offering. All other ratings remain unchanged including Yum's Ba2 corporate family rating, Ba2-PD probability of default rating and B1 senior unsecured ratings. KFC Holdings Co.'s Ba1 senior secured ratings and Ba3 senior unsecured ratings also remain unchanged. Yum's speculative grade liquidity rating is SGL-2.

Proceeds will be used repay $1.05 billion of outstanding senior unsecured notes at KFC as well as general corporate purposes.

The outlook is negative.

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