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S&P keeps Kraft on watch
Standard & Poor's said its A- corporate credit and BBB+ senior unsecured debt ratings on Kraft Foods Inc. remain on Creditwatch with negative implications, meaning that the ratings could either be lowered or affirmed following the completion of its review.
In addition, S&P said its BBB corporate credit rating and A-2 short-term and commercial paper ratings on Cadbury plc remain on Creditwatch with developing implications.
The ratings on Kraft and Cadbury were initially placed on Creditwatch on Sept. 8, following Kraft's unsolicited proposal to acquire Cadbury, the agency added.
"Our corporate credit and senior unsecured debt ratings for Kraft remain on Creditwatch with negative implications, following the company's £9.8 billion unsolicited offer to acquire U.K.-based branded confectionery manufacturer Cadbury plc and combine the two companies as part of a potential cash and share offer for the group," said credit analyst Allison Sullivan.
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