Moody's to rate Kraft bonds Baa2

Moody's Investors Service said it will assign Baa2 ratings to Kraft Foods Inc.'s senior unsecured notes being offered to fund its acquisition of Cadbury plc.

Kraft's Baa2 senior unsecured debt rating and its Prime-2 short-term rating were confirmed.

The outlook is negative.

Proceeds will be used to fund the $11 billion cash portion of Kraft's $19 billion acquisition of Cadbury approved by Cadbury shareholders Tuesday.

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