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Moody's: Yum! notes Baa3
Moody's Investors Service said it assigned a Baa3 rating to Yum! Brands, Inc.'s RMB 350 million senior unsecured note offering due 2014.
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.
The senior unsecured notes also are expected to rank pari passu with Yum's existing and outstanding senior unsecured non-guaranteed notes, Moody's said.
The offering will only result in a slight increase in gross adjusted leverage, the agency said.
The company's consolidated earnings are expected to remain strong despite the increased weakness at all of its United States concepts, Moody's said.
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