Moody's gives Kellogg notes A3

Moody's Investors Service said it assigned an A3 rating to Kellogg Co.'s $750 million five-year senior unsecured notes issued today and affirmed the ratings on its existing debt, including a Prime-2 short-term rating for commercial paper.

The outlook is stable.

The agency said that the net proceeds from the notes offering will be used to reduce outstanding commercial paper that totaled $1.4 billion as of Dec. 29.

The 4.25% coupon five-year notes, which were priced to yield 4.292%, mature on March 6, 2013, the agency noted, adding that Kellogg's ratings reflect excellent brand strength and stable operating performance in ready-to-eat cereal and snacks.

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