Restaurant Brands International, the parent of Burger King, Popeyes and Tim Hortons, is rated BB+ by two rating agencies, one notch below investment grade on S&P’s scale. S&P Global Ratings raised the company to BB+ from BB on May 18, 2026, four months after Fitch Ratings assigned a first-time BB+ rating with a stable outlook on January 15, 2026. For owners and buyers of Burger King and Popeyes net lease properties, the useful question is narrower than the headline: what does a parent company rating mean for a lease on one restaurant?
As of the ratings checked September 27, 2026, Restaurant Brands International Inc. is rated BB+ by S&P Global Ratings and BB+ by Fitch Ratings. On S&P’s scale, BB+ is speculative grade and BBB‑ is the lowest investment grade rating. The same parent ratings apply to Burger King, Popeyes and Tim Hortons.
How Close Is BB+ to Investment Grade?
On S&P’s scale, BB+ is the highest speculative grade rating. The next notch up, BBB‑, is S&P’s lowest investment grade rating, so a one-notch S&P upgrade would move Restaurant Brands across that line. Fitch Ratings also rates the company BB+. As of the ratings checked September 27, 2026, both outlooks on file were stable. The credit profiles linked below show the current outlook. The bond ratings chart compares the agency rating scales, and our ratings database holds no Moody’s rating for the company.
The Rating Is on the Parent, Not Your Lease
The BB+ ratings belong to Restaurant Brands International Inc. Do not assume the parent’s rating stands behind a lease on a single Burger King or Popeyes restaurant. If a franchisee is the tenant, the lease is often backed by the franchisee entity and any personal or multi-unit guarantee rather than by the parent. Confirm the tenant and guarantor in the lease. Before you price a property off the upgrade, confirm three things in the lease: the tenant entity on the signature page, who guarantees the lease and for how long, and what financial reporting the tenant or guarantor owes you.
What the Market Has Done Since the Upgrade
NNN Brain records the Burger King and Popeyes net lease listings it observes. Comparing listings that came to market in the six months before S&P’s May 18, 2026 action with those listed since:
| Tenant | Listed Nov 18, 2025 to May 17, 2026 | Median asking cap rate | Listed May 18 to Oct 23, 2026 | Median asking cap rate |
|---|---|---|---|---|
| Burger King | 25 listings | 6.25% | 66 listings | 6.00% |
| Popeyes | 28 listings | 6.20% | 63 listings | 6.00% |
Source: NNN Brain market observations as of October 23, 2026, listings with a published asking cap rate. These are asking cap rates, not closed sales, and the two windows may include different locations, lease terms and building ages, so treat the change as an observation, not a measured effect of the rating.
Today, 75 Burger King properties are observed for sale at a median asking cap rate of 6.25%, and 80 Popeyes properties at a median of 6.00%. Both figures update automatically.
Checklist for Burger King and Popeyes Owners
- Tenant entity. Corporate or franchisee, and which legal entity signed.
- Guarantee. Parent, franchisee principal or multi-unit operator, and whether it burns off.
- Reporting. Whether the lease requires store sales or guarantor financials, and whether you have been receiving them.
- Term and options. Remaining primary term, option periods and the rent in each.
- Land. Ground lease or fee simple, and who owns the building at expiration.
- Remodel obligations. Whether the lease ties to reimage or remodel requirements and who pays for them.
Hold, Sell or Exchange
A rating upgrade on the parent can widen the buyer pool for corporate-backed leases, while a franchisee lease depends on the franchisee and any guarantor. If you are weighing a sale, compare your property to the live inventory on the Burger King NNN for sale and Popeyes NNN for sale pages, where you can also request a confidential pricing check. If you are exchanging into one, the NNN restaurants for sale page compares quick-service and casual dining inventory side by side, and the investment grade 1031 guide covers the exchange side.
Get new Burger King listings in your cap rate band
New Burger King net lease listings matched to your criteria, emailed as they are observed on the market. One email per match, nothing else.
Own a Burger King? Considering selling?
Investment Grade Income Property, LP advises owners nationally through Broker of Record co-listing partnerships in all 50 states. You choose the process: a quiet off-market placement with qualified 1031 buyers already searching this inventory, or a full on-market campaign. Either way it starts with a valuation benchmark against the live Burger King listings on this page.
Investment Grade Income Property, LP is a licensed commercial real estate brokerage. Your details are used to send the information you requested and are never shared with listing brokers without your permission.
Frequently Asked Questions
Is Burger King investment grade?
Not on S&P’s scale. S&P Global Ratings rates the parent, Restaurant Brands International Inc., BB+, which is speculative grade (as of the ratings checked September 27, 2026). On S&P’s scale, investment grade starts at BBB‑.
Does Popeyes have the same credit rating as Burger King?
The agencies rate the parent, Restaurant Brands International Inc., and the same parent ratings apply to both brands. The credit behind a specific Popeyes or Burger King lease depends on the tenant and any guarantor named in it; confirm both in the lease.
When did S&P upgrade Restaurant Brands International?
S&P Global Ratings raised the company to BB+ from BB on May 18, 2026. Fitch Ratings assigned its first rating, BB+ with a stable outlook, on January 15, 2026.
Does the upgrade mean my Burger King lease is safer?
The parent’s rating speaks to your lease only if the parent is the tenant or a guarantor. If a franchisee signed the lease, review the franchisee’s finances and any guarantee. Confirm the tenant entity and guarantor in the lease.
Related
- Burger King credit rating and NNN cap rate profile
- Popeyes credit rating and NNN cap rate profile
- Tim Hortons credit rating and NNN cap rate profile
- QSR NNN properties for sale
- Investment grade credit tenant ratings
General information about publicly reported credit ratings and observed market listings, not investment, tax or legal advice. Ratings are opinions of the issuing agencies; confirm current ratings with the agency before relying on them.
