Fitch assigns Kellogg notes BBB+

Fitch Ratings said it assigned a BBB+ rating to Kellogg Co.'s proposed $750 million five-year senior unsecured notes offering.

The outlook is positive.

The agency said that Kellogg's ratings are as follows: Kellogg Co.'s long-term issuer default rating at BBB+, senior unsecured debt at BBB+, bank credit facility at BBB+, short-term issuer default rating at F2 and commercial paper at F2; Kellogg Europe Co. Ltd.'s long-term issuer default rating at BBB+, short-term issuer default rating at F2 and commercial paper at F2; and Kellogg Holding Co. Ltd.'s long-term issuer default rating at BBB+, short-term issuer default rating at F2 and commercial paper at F2.

The agency added that the company intends to use the net proceeds to repay a portion of its outstanding U.S. commercial paper.

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