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Article: Fitch Upgrades Burger King's IDR to 'BB-'; Outlook Stable.
- Article from:
- Business Wire
- Article date:
- October 12, 2007
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CHICAGO -- Fitch Ratings has upgraded the ratings of Burger King Corporation (Burger King, NYSE:BKC) as follows:
--Long-term Issuer Default Rating (IDR) to 'BB-' from 'B+';
--Secured credit facility to 'BB+' from 'BB'.
Simultaneously, Fitch has withdrawn the following Recovery Rating (RR):
--Secured credit facility 'RR2'.
The Outlook is Stable. At June 30, 2007, Burger King had $943 million of debt.
The ratings upgrade reflects the significant improvement in Burger King's credit profile over the past 12 months, the company's consistently positive same-store-sales (SSS) growth, increasing average restaurant sales ...