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Moody's rates Heinz notes Baa2, preferreds Ba1
Moody's Investors Service said it assigned a Baa2 rating to $500 million five-year 5.35% senior unsecured notes due 2013 issued by H.J. Heinz Co. and a Ba1 rating to $350 million 8% series B cumulative preferred stock due 2013 issued by H.J. Heinz Finance Co.
The agency affirmed the Baa2 long term debt rating, Ba1 preferred stock rating and Prime-2 short term debt rating of Heinz and its subsidiaries.
The outlook is stable.
Proceeds from the notes will be used to repay outstanding commercial paper and other debt. Proceeds from the preferreds will be used to refinance the maturing $325 million 6.226% series A cumulative preferred stock due July 15, 2008 and to repay other debt.
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