S&P rates Kellogg notes BBB

S&P said it assigned a BBB senior unsecured debt rating to Kellogg Co.'s $600 million senior unsecured notes due 2027.

Kellogg intends to use the proceeds for general corporate purposes, including the repayment of most of the commercial paper borrowings used to finance the acquisition of RXBAR.

The notes are unsecured obligations that rank on par with the company's other unsecured notes but are subordinated to liabilities of the company's subsidiaries.

All existing ratings on the company are unchanged.

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