S&P keeps Kraft on watch

Standard & Poor's said its long-term ratings on Kraft Foods Inc., including the A- corporate credit rating, remain on Creditwatch, where they were placed with negative implications Sept. 8.

The A-2 short-term ratings on Kraft are not currently on Creditwatch, the agency noted.

In addition, S&P said it BBB corporate credit rating and A-2 short-term and commercial paper ratings on Cadbury plc also remain on Creditwatch, where they were placed with developing implications Sept. 8.

This Creditwatch update follows Kraft's announcement that it has entered into a definitive agreement to sell its North American pizza unit to Nestle for $3.7 billion, according to the agency.

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