S&P rates Kellogg bonds BBB

S&P said it assigned its BBB issue-level rating to Kellogg Co.'s planned €300 million of senior unsecured sustainability bonds due in 2029.

The company plans to use the proceeds to finance or refinance, in whole or in part, eligible green projects that promote selected sustainable development goals.

“We view the transaction as modestly de-leveraging, pro forma for the May 24, 2021, maturity of Kellogg's €500 million senior unsecured notes, which the company intends to repay with cash on hand. All of our existing ratings on the company are unchanged,” S&P said in a press release.

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