Moody's rates Kellogg notes Baa1

Moody's Investors Service said it assigned a Baa1 rating to new senior unsecured notes being offered by Kellogg Co. in multiple tranches totaling roughly $1.5 billion.

The outlook is negative.

Moody's said Kellogg's strong brand portfolio and leading global shares in ready-to-eat cereals and savory snacks support the rating.

The rating also reflects soft operating performance in Kellogg's core cereal business in the U.S. and in some European markets, recently identified supply chain inefficiencies and high execution risk related to the Pringles acquisition, the agency said.

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