CHICAGO--(BUSINESS WIRE)--Fitch Ratings plans to withdraw the ratings on Yum! Brands, Inc. (YUM) on Oct. 14, 2013, for business reasons. Fitch currently rates YUM as follows:
--Long-term Issuer Default Rating (IDR) 'BBB';
--Senior unsecured notes 'BBB';
--Short-term IDR 'F2'.
The Rating Outlook is Stable.
Fitch reserves the right in its sole discretion to withdraw or maintain any rating at any time for any reason it deems sufficient. Fitch believes that investors benefit from increased rating coverage by Fitch and is providing approximately 30 days' notice to the market on the withdrawal of YUM's ratings as a courtesy to investors.
Fitch's last rating action occurred on July 15, 2013. Fitch affirmed its long-term ratings on YUM at 'BBB' and short-term ratings at 'F2'. The ratings reflect the company's moderate debt levels, strong operating cash flow, significant free cash flow and scale with over 39,000 system-wide units.
Additional information is available at www.fitchratings.com.