S&P gives Yum! notes BBB-

Standard & Poor's said it assigned its BBB- issue-level rating to Yum! Brands Inc.'s proposed $300 million of senior unsecured notes due 2020.

The company plans to use the proceeds together with cash on hand to repay its $650 million of 8.9% notes senior unsecured notes when they mature in April 2011, the agency added.

At the same time, the agency said it affirmed its BBB- corporate credit rating on the company. The outlook is stable.

According to S&P, the ratings affirmation on Yum! reflects the company's global market position among quick-service restaurants, favorable operating performance through a period of very weak economic conditions due to store expansion initiatives, good international growth and cost-reduction initiatives, and good cash flow generation.

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