date:May 24, 2012
pectively, over the past five years, the agency said. Shareholders continue to receive significant cash through share repurchases and dividends; however McDonalds is expected to maintain credit measures appropriate for its 'A/F1' ratings.
Fitch added that McDonald's significant real estate ownership and franchisee network provide a sizeable high-margin royalty stream, in addition to contractual rental income on properties owned or leased by McDonald's. As of March 31, franchisees and affiliates