S&P rates YUM! notes BBB-

Standard & Poor's said it assigned its BBB- issue rating to YUM! Brands Inc.'s two $250 million senior note issuances to mature in 2015 and 2019.

The proceeds will be used to prefund 2011 maturities and make a pension contribution, the agency said, adding that all of its ratings on YUM! Brands Inc. are unchanged by the debt issuance.

"Because the proceeds of the debt issuance will be used to refinance existing debt and make a pension fund contribution, the transaction will not have a material effect on credit metrics, while it staggers the company's maturity profile in the future," said S&P credit analyst Charles Pinson-Rose.

According to the agency, the ratings on YUM! Brands Inc. reflect its global Leadership position in the quick-service restaurant industry, generally consistent operating performance, strong international expansion, and solid cash flow generation.

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