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Moody’s assigns Baa2 to Kellogg notes
Moody's Investors Service said it assigned a Baa2 rating to $600 million of seven-year senior unsecured notes offered today by Kellogg Co.
The outlook is stable.
Net proceeds will be used primarily to repay $500 million of 1.875% notes that mature on Nov. 17, 2016 and to repay commercial paper borrowings.
Moody’s said the ratings are supported by Kellogg's strong brands and leading global shares in the declining, but highly-profitable, ready-to-eat (RTE) cereal business and by its modest, growing share in the global savory snacks category led by the Pringles brand.
The ratings also reflect Moody's anticipation of continuing volume declines in Kellogg's core RTE cereal business, especially in developed markets including North America, Europe and Asia, the agency added.
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