Yum Brands' note offering assigned 'Baa2' rating with negative outlook - Moody's |
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Published
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Wed, 17 Oct 2007 07:18
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MUMBAI (Thomson Financial) - Moody's Investors Service said it has affirmed all the ratings of Yum Brands Inc and assigned a 'Baa2' non-guaranteed senior unsecured debt rating to the company's proposed new debt offering of about 1.2 bln usd in notes due 2017 and 2037.In addition, Moody's said it has assigned a 'Baa1' rating to Yum's 1.15 bln usd guaranteed senior unsecured bank credit facility.Moody's said it has a negative outlook on the company's ratings.The ratings agency said the 'Baa2' non-guaranteed senior unsecured rating reflects the support provided by the company's scale, brand strength, geographic and brand diversification as well as adequate debt protection metrics and good liquidity at this time.The negative outlook reflects the management's adoption of a much more aggressive financial policy that continues to result in an increasingly greater dollar amount being returned to shareholders.Moody's said although it expects operating performance will continue to improve, any significant increase in debt levels could place additional downward pressure on the company's credit metrics.TFN.newsdesk@thomson.comrsh/manCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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American Water senior unsecured issuer ratings downgraded to 'Baa2' - Moody's 