Fitch cuts Kellogg outlook to negative

Fitch Ratings said it has affirmed the long-term issuer default rating on Kellogg Co. and its subsidiaries at BBB+ and the short-term issuer default rating at F2.

The outlook has been revised to negative from stable on expectations for modestly higher near term leverage at or near 3.0x in 2015 given Fitch's expectation of operating profit down mid-single digits and incremental debt for share repurchases.

The negative outlook reflects Fitch's current expectation that gross leverage (total debt to operating EBITDA) is likely to rise modestly in 2015 to be in the 3.0x range.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.