S&P rates Yum! notes BBB-

Standard & Poor's said it assigned a BBB- rating to Yum! Brands Inc.'s new $1.2 billion senior unsecured notes, which will be issued in two $600 million tranches of 10- and 30-year notes.

Proceeds will be used to repay debt under the credit facility and for general corporate purposes, including stock repurchases.

"We expect Yum's performance to improve over the next few years because of sustained growth in international operations and modest operating improvements in U.S. stores," S&P credit analyst Diane Shand said in a written statement.

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