Quick-service restaurant group Restaurant Brands International (RBI), owner of Tim Hortons and Burger King franchises, reported solid operating results. The group disposes of a sound liquidity level that is around USD 2.5bn, including cash of USD 1.3bn.
RBI has a stable credit outlook; The company has an attractive range of value offerings and new menu items should continue to support a stable operating performance against a backdrop of macroeconomic and consumer uncertainty.
RBI is recognized HY issuers and offers income-seeking investors several opportune longer-dated notes. While its business is cyclical, its credit opportunity tends to be less volatile than those of its peer group.