S&P rates Kellogg notes BBB

S&P said it assigned its BBB senior unsecured debt rating to Kellogg Co.'s senior unsecured notes due 2023.

“Our BBB corporate credit rating reflects Kellogg's well-recognized brands, leading market positions in the ready-to-eat (RTE) cereal and snack food industries, and good product and geographic diversity,” S&P said in a news release.

“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 U.S.,” the agency added.

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