Fitch affirms Kellogg

Fitch Ratings said it affirmed Kellogg Co.'s long-term issuer default rating, senior unsecured debt and bank credit facility at A- and its short-term issuer default rating and commercial paper at F2.

The outlook is stable.

The agency said Kellogg's ratings incorporate its leading market share positions, strong brand equity and solid top-line and operating earnings growth on a currency-neutral basis. The ratings are also supported by the company's clear and balanced financial strategy and by its ample liquidity and high margins for the packaged food industry, Fitch said.

The total debt-to-operating EBITDA ratio was approximately 2.2 times for the last 12 months ended July 4.

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