Moody's rates Kraft notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to Kraft Foods Inc.'s $3.5 billion senior unsecured notes and affirmed the Baa2 rating on its existing senior unsecured debt and its Prime-2 short-term rating for commercial paper.

The outlook is stable.

The company is selling the notes in five parts consisting of: $250 million in three-year floating-rate notes, $250 million in three-year notes, $750 million in 51/2-year notes; $1.5 billion in 10-year notes; and $750 million in 30-year bonds.

Proceeds will be used to refinance commercial paper and for general corporate purposes.

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