S&P could lower Yum! Brands

Standard & Poor's said it placed its ratings, including the BBB corporate credit rating, Yum! Brands Inc. on CreditWatch with negative implications.

The CreditWatch placements follow Yum’s announcement that it plans to separate its China division into an independent publicly traded company. Yum will become more of a “pure play” franchisor over time and is targeting having at least 95% of its restaurants owned and operated by franchisees by the end of 2017.

The proposed separation is subject to various approvals including the company's board and regulators.

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