Research Update: McDonald's Corp. Nov 02

Standard & Poors, November 2002

Abstract
On Nov. 11, 2002, Standard & Poor's Ratings Services placed its 'A+' long-term corporate credit, senior unsecured debt, and senior unsecured bank loan ratings, and its 'A' subordinated debt rating on McDonald's Corp. on CreditWatch with negative implications. The company had about $9.6 billion of debt outstanding as of June 30, 2002. The 'A-1' short-term corporate credit and commercial paper ratings were affirmed and not affected by this action. The CreditWatch placement reflects growing concern that Oak Brook, Ill.-based McDonald's will continue to struggle in its efforts to improve its existing worldwide restaurant business. The company recently announced that it was restructuring restaurant operations in four countries, closing business in three countries, closing about 175 underperforming restaurants in about 10...

Companies mentioned in this report are: McDonald's Corp.
Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

McDonald's Corp.

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