"... they have extended projected capital spending budget cuts through 2017... ." They are willing to sacrifice exploration and development so they can continue paying the dividend. This is called "robbing Peter to pay Paul." What happens when they run out of cash? How do they grow the company two or three years down the road? At some point they have to start borrowing.
I got out of this one before the end of 2014. Since then MCD seems almost bulletproof (observe today's gain in spite of lousy sales numbers). It almost looks like a good candidate for some channel trading - low $90's buy / high $90's sell.
You are correct in recognizing that MCD is no longer a growth stock. However, I would watch very carefully if/when interest rates start going up. Dividend stocks usually get hammered. Have an exit strategy. You can always get back in after the "professional investors" have calmed down.