S&P lowers Kraft

Standard & Poor's said it lowered its corporate credit rating on Kraft Foods Inc. to BBB from A-.

The agency said it removed all ratings on the company from Creditwatch, where they were placed on Sept. 8 with negative implications, following Kraft's unsolicited proposal to acquire Cadbury.

In addition, S&P said it affirmed its BBB corporate credit rating and A-2 short-term and commercial paper ratings on Cadbury plc.

The ratings were removed from Creditwatch with developing implications, where they were originally placed on Sept. 8, following Kraft's unsolicited proposal to acquire Cadbury, the agency said, noting that the outlook is positive.

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