Moody's: YUM! notes at Baa3

Moody's Investors Service said it assigned a Baa3 rating to YUM! Brands, Inc.'s proposed $350 million senior unsecured note offering due 2021.

The company's Baa3 senior unsecured and Baa2 guaranteed senior unsecured ratings were affirmed.

The outlook is stable.

The proceeds will be used for general corporate purposes, which may include repaying outstanding debt.

The proposed offering will only result in a slight increase the company's leverage, Moody's said.

The company's consolidated earnings remain strong despite the increased weakness at all of its U.S. concepts, the agency added.

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