S&P rates Kellogg notes BBB+

Standard & Poor's said it assigned a BBB+ senior unsecured debt rating to Kellogg Co.'s proposed $400 million notes due 2018. The company also has a BBB+ corporate credit rating.

The company will issue the notes from its shelf registration for debt securities. The proceeds will be used for general corporate purposes, including repayment of commercial paper.

The ratings reflect Kellogg's strong business risk profile, highlighted by its leading market positions in the ready-to-eat cereal and snack food industries, S&P said, and the company's historically stable cash flows.

These factors help offset Kellogg's moderate debt leverage and cash flow coverage measures, the agency said.

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