Fitch affirms Kellogg

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

The outlook is stable.

Kellogg's ratings incorporate its leading market share positions, strong brand equities and solid operating earnings growth, the agency said.

Ratings are also supported by the company's clear and balanced financial strategy, as well as its ample liquidity and consistently high margins for the packaged food industry, the agency noted.

Total debt-to-operating EBITDA was 1.9 times for the 12 months ended April 3.

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