Moody's gives Kellogg notes Baa1

Moody's Investors Service said it assigned Baa1 ratings to new senior unsecured notes being offered by Kellogg Co. in two tranches totaling about $650 million.

The net proceeds from the offering will be used for general corporate purposes, including to partially prefund a $750 million debt maturity in early March 2013.

The rating outlook is negative.

Moody's said Kellogg's rating is supported by its strong brand portfolio and leading global shares in ready-to-eat cereals and savory snacks.

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