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Fitch downgrades McDonald's to BBB
Fitch Ratings said it downgraded McDonald's Corp.’s long-term issuer default rating to BBB from BBB+.
The short-term issuer default rating was affirmed at F2.
The outlook is stable.
McDonald's has about $26 billion of total debt.
Fitch said the downgrade reflects its expectation that total adjusted debt/EBITDAR will be sustained in the mid-to-high 3 times range through 2018, with EBITDA stabilizing around the current level. LTM EBITDA at Sept. 30 was $9.4 billion.
Given McDonald's aggressive financial strategy, debt reduction is not anticipated, the agency added.
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