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S&P rates Heinz, Kraft Canada debt BBB-
Standard & Poor's said it assigned its BBB- issue-level ratings to H.J Heinz Co.'s proposed $15.6 billion senior unsecured credit facility, term loan and unsecured notes and its BBB- issue-level ratings to Kraft Canada's proposed C$500 million senior unsecured notes.
The new issue-level ratings for the proposed new debt are not on CreditWatch but are dependent on a successful completion of the proposed recapitalization and merger transaction between Heinz and Kraft Foods Group Inc. (BBB/Watch Neg/A-2), are based on the expected long-term rating of BBB- of combined entity upon completion of Heinz’s acquisition of Kraft Foods.
"The issue-level ratings on the proposed notes reflect our expectation that we will assign a 'BBB-' corporate credit rating to the new combined parent company, The Kraft Heinz Co., following the close of the transaction," S&P credit analyst Bea Chiem said in a news release.
The ratings on Heinz and Kraft Foods remain on CreditWatch.
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