Moody's rates Heinz notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to $700 million of unsecured notes issued in two tranches by H.J. Heinz Co.

The outlook is stable.

Proceeds will be used to pay down commercial paper.

Heinz's Baa2 rating reflects the strength of its global branded portfolio, broad product and geographic diversity, strong cash flow generation and good liquidity, the agency said.

These strengths are balanced against the company's history of aggressive financial policy, Moody's said.

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