Fitch affirms Kellogg

Fitch Ratings said it removed Kellogg Co. and its subsidiaries' ratings from rating watch negative and affirmed the ratings.

The outlook is negative.

The agency said the ratings affirmations resolve the rating watch negative placed on Kellogg's ratings following Kellogg's agreement to acquire Procter & Gamble's Pringles business for approximately $2.7 billion.

The agency said the ratings affirmation incorporates Fitch's view that operating earnings growth beyond 2012, combined with significant debt reduction from free cash flow, could restore leverage near pre-acquisition levels within two years of the acquisition closing.

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