Moody's might downgrade Kellogg

Moody's Investors Service said it placed Kellogg Co.'s Baa1 long-term senior debt rating under review for possible downgrade following Kellogg's recent weaker-than-expected operating performance, especially in U.S. cereals and snacks, and its announcement of a costly restructuring plan that likely will not allow for further debt reduction in the near future.

The agency said the review will focus primarily on the company's revised growth strategy and its likely effect on operating stability and credit metrics that have been week since last year's Pringles acquisition.

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