S&P gives Kellogg notes BBB+

Standard & Poor's said it assigned its BBB+ senior unsecured debt rating to Kellogg Co.'s (BBB+/stable/A-2) proposed $1 billion of notes due 2020.

The company will issue the notes off of its debt shelf registration, the agency said, adding that Kellogg intends to use net proceeds from this offering for general corporate purposes, including voluntary pension contributions and repayment of commercial paper issued to fund share repurchases.

S&P said that its BBB+ corporate credit rating reflects Kellogg's strong business risk profile, highlighted by its leading market positions in the ready-to-eat cereal and snack food industries, and the company's historically stable cash flows.

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