Fitch rates Kellogg notes BBB+

Fitch Ratings said it assigned a BBB+ rating to Kellogg Co.'s $500 million of 1.875% senior notes due Nov. 17, 2016.

The agency maintains a BBB+ long-term issuer default rating and F2 short-term issuer default rating on the company and rates its senior debt and bank credit facility at BBB+ and its commercial paper at F2. The outlook is stable.

Proceeds will be used for general corporate purposes.

Kellogg's ratings incorporate its leading market share positions, strong brand equities and high margins for the packaged food industry, Fitch said.

In the agency's view, Kellogg's 2.6 times leverage is appropriate for the current rating level, and the ratio is expected to remain in the mid 2 times range in the near to intermediate term.

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