Fitch rates Kellogg notes A-

Fitch Ratings said it assigned an A- rating to Kellogg Co.'s $1 billion of 4% senior notes due 2020.

The outlook is negative.

Kellogg intends to use the proceeds from this debt issuance for general corporate purposes, including voluntary pension contributions and repayment of commercial paper issued for share repurchases.

The ratings reflect Kellogg's leading market share positions, strong brand equities, historically solid operating earnings growth, ample liquidity and consistently high margins for the packaged food industry, Fitch said.

The rating is constrained the company's significant product concentration in the breakfast category, the agency said.

The debt-to-operating EBITDA ratio was 2.2 times for the last 12 months ended Oct. 2.

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