S&P rates Kellogg notes BBB

S&P said it assigned a BBB senior unsecured debt rating to Kellogg Co.’s senior unsecured €600 million denominated notes due 2024.

The proceeds will be used for general corporate purposes, including the repayment of its $750 million 4.45% senior unsecured notes due May 30, the agency said.

The company’s BBB corporate credit rating reflects Kellogg’s well-recognized brands, leading market positions in the ready-to-eat cereal and snack food industries, S&P said, 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, the agency said.

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