Fitch Ratings said Tuesday has affirmed YUM! Brands, Inc.'s (YUM) Issuer Default Rating at 'BBB' and short-term IDR at 'F2'.
The rating agency also affirmed its rating on YUM! Brands' senior unsecured notes at 'BBB' and bank credit facility at 'BBB'.
The Rating Outlook is Stable.
At June 16, Yum had about $3.3 billion of total debt. Fitch said YUM's ratings reflect its strong operating cash flow, significant free cash flow, extensive exposure to faster growing emerging markets, and scale with nearly 38,000 system-wide units.
On a worldwide basis, about 80% of YUM's core Kentucky Fried Chicken (KFC), Pizza Hut, and Taco Bell restaurants are managed by franchisees or affiliates while 20% are company-owned and operated, Fitch noted.
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