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S&P gives BBB- to Yum! Brands loans
S&P said it assigned BBB- issue and 1 recovery ratings to Yum! Brands Inc.'s planned $1.5 billion revolving credit facility and $500 million term loan A. The 1 recovery rating indicates very high (90%-100%;, rounded estimate: 95%) recovery to lenders if Yum! defaults.
The transaction is expected to be mostly neutral for leverage because Yum! will use most of the proceeds to replace its current $1.25 billion revolver and $717 million term loan A, which are also rated BBB- with 1 recovery ratings. Under the proposed transaction, borrowers will be Yum subsidiaries Pizza Hut Holdings LLC, KFC Holding Co., and Taco Bell of America LLC, the same as the outstanding facilities.
The outlook is stable.
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