Having told the world that it will borrow billions (and cut capex) to “return all free cash to investors,” it appears ratings agency S&P just needed to remind McDonalds that Shareholder-friendly releveraging no longer comes for free…
- *S&P LWRS MCDONALD’S RTG TO ‘BBB+’ ON SHR BUYBACK PLANS
Who could have seen that coming?
Here’s why… (via S&P)
McDonald’s announced its intent to return an additional $10 billion to shareholders by the end of 2016, substantially funded by debt.