S&P gives BBB+ to Kellogg bonds

Standard & Poor’s said it assigned its BBB+ senior unsecured debt rating to Kellogg Co.’s €600 million bonds due 2025.

S&P’s BBB+ corporate credit rating reflects Kellogg’s well-recognized brands, leading market positions in the ready-to-eat cereal and snack food industries, and good product and geographic diversity.

These factors are partly offset by the company’s exposure to volatile commodity costs and participation in the highly competitive cereal market, which has experienced slower growth in the United States, S&P said in a news release.

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