Fitch affirms Kellogg

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

The agency also affirmed Kellogg Europe Co. Ltd.'s long-term issuer default rating at A-, short-term issuer default rating at F2 and commercial paper rating at F2, along with Kellogg Holding Co. Ltd.'s long-term issuer default rating at A-, short-term issuer default rating at F2 and commercial paper rating at F2.

The outlook is revised to negative from stable.

The negative outlook reflects that leverage is anticipated to increase to slightly above 2.5x from 2x for the year that ended in January 2010, Fitch said.

The agency said it believes this represents a more aggressive financial strategy versus the company's historically conservative strategy.

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