Summary: Dunkin' Brands Inc. Jan 13

Standard & Poors, January 2013

Abstract
The ratings on Dunkin' Brands reflect Standard & Poor's Ratings Services' assessment of the company's business risk as "fair" and its financial risk as "highly leveraged." Our assessment of the company's fair business risk profile primarily reflects its highly franchised business model and good market position in the very competitive beverage-and-snack sector. As a franchisor, its revenues primarily come from royalty payments from its franchisees, and it does not bear the risk of their operations or of significant swings in commodity costs. As such, we expect Dunkin' Brands to maintain relatively stable operating performance and cash flow generation. Dunkin' Brands has been expanding into new markets, which we believe will lead to a gradual increase in earnings and cash flows...

Companies mentioned in this report are:
- Dunkin' Brands Inc.

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Dunkin' Brands Inc.

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