11:14 AM EDT, 04/05/2024 (MT Newswires) -- S&P Global Ratings said Friday that it has revised its outlook on Restaurant Brands International (QSR.TO) to positive from stable and affirmed the BB issuer credit rating.

"The positive outlook reflects our expectation that RBI will be able to successfully continue to decrease leverage below 4.5x despite its debt-funded acquisition of Carrols and continued shareholder returns," the rating agency said.

The revision comes after the rating agency noted that the quick-service restaurant franchisor has shown progress toward achieving its leverage target of mid-4x. S&P is expecting leverage to be well below 4.5x by next year.

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