S&P rates Burger King France notes B-

S&P said it assigned its B- long-term corporate credit rating to Burger King France SAS. The outlook is stable.

S&P also assigned a B- issue rating to Burger King France's proposed €555 million senior secured notes. The recovery rating is 4, reflecting an expectation of average (30%-50%; rounded estimate: 30%) recovery prospects in the event of payment default.

At the same time, S&P revised its outlook on subsidiary Financiere Quick SAS to stable from negative and affirmed the B- long-term corporate credit rating on the company.

S&P said it also affirmed the issue ratings on Quick's senior secured, senior unsecured and junior subordinated debt. S&P will withdraw the recovery and issue ratings on Quick's existing debt once the refinancing is complete and the facilities have been repaid.

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