Fitch rates Kellogg notes A-

Fitch Ratings said it assigned an A- rating to Kellogg Co.'s $400 million of seven-year senior unsecured notes.

The outlook is negative.

The proceeds will be used for general corporate purposes, including the repayment of commercial paper.

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

Kellogg is well diversified geographically, with nearly 40% of sales generated outside of the United States, the agency said.

Kellogg's credit strengths are balanced with its significant product concentrations in the breakfast category and snacks, Fitch said.

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