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Fitch rates Yum! bonds BBB
Fitch Ratings said it assigned a BBB rating to Yum! Brands, Inc.'s RMB 350 million of 2.375% three-year unsecured bonds due 2014.
The outlook is stable.
The bonds were issued in Hong Kong and rank equally with Yum!'s existing senior unsecured debt, Fitch said.
The proceeds will be used for global growth purposes. The company said it has no immediate plans to remit the proceeds of the offering into the People's Republic of China, Fitch said.
The debt issuance is neutral for the ratings because the amount is small in relation to the company's $3.3 billion of total debt as of June 11, the agency said.
Yet, Fitch said it views the transaction as a step in the right direction.
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