Yum! Brands Inc.: Covenant Quality Post-Sale Snapshot: $600m 7.75% Senior Notes due 2025
CORPORATES ISSUER IN-DEPTH 21 August 2020 Source Documents: Final OM (30 March 2020) Peer Group: » Restaurants See Snapshot User’s Guide for terminology, analytical criteria and our ranking of covenant structures. This report contains Moody’s analysis of the principal protections and weaknesses of the covenant package of the Notes based on information contained in the Final OM dated 30Yum! Brands franchises or operates a system of quick service restaurants through its KFC, Pizza Hut and Taco Bell brands. The company's operating segments consist of the KFC Division, the Pizza Hut Division and the Taco Bell Division. KFC restaurants provides fried and non-fried chicken products such as sandwiches, chicken strips, chicken-on-the-bone and other chicken products marketed under a variety of names. Pizza Hut is engaged in the sale of ready-to-eat pizza products. Pizza Hut operates in the delivery, carryout and casual dining segments. Taco Bell is engaged in Mexican-style food products, including various types of tacos, burritos, quesadillas, salads, nachos and other related items.
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