Moody's assigns Kellogg notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to €500 million of seven-year 1.75% senior unsecured notes offered today by Kellogg Co.

The outlook is stable.

Net proceeds will be used for general corporate purposes, including repayment of a portion of commercial paper borrowings.

Moody's said Kellogg's Baa2 rating is supported by its strong brands and leading global shares in the declining, but highly-profitable ready-to-eat cereal business, and its small but growing shares in the savory snacks category driven by Pringles, which has generated solid growth since being acquired in 2012.

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