Fitch affirms Arcos Dorados

Fitch Ratings said it affirmed Arcos Dorados BV's foreign-currency issuer default rating at BBB-, local-currency issuer default rating at BBB- and the BBB- rating on its S$450 million senior unsecured notes due 2019.

The notes were issued by Arcos and guaranteed jointly and severally, unconditionally and irrevocably by all relevant subsidiaries.

The outlook is stable.

The ratings incorporate the strength of McDonald's as franchisor and its long-standing relationship with Arcos' owners and management, Fitch said.

Leverage is modest, the agency said, and the majority of the cash flow generation is concentrated in investment-grade countries.

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