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Moody’s cuts Kraft Heinz 6¼% notes
Moody’s Investors Service said it downgraded to Baa3 from Baa2 the rating on £125 million of 6¼% unsecured notes of the Kraft Heinz Co. and subsidiaries after collateral that previously secured the note guarantees was released. The notes were originally sold by H.J. Heinz Finance UK plc.
Kraft Heinz redeemed the remaining $976 million of its 4.875% second-lien notes due 2025 earlier this month.
This resulted in the termination of a second-lien security agreement that provided security to the redeemed notes and to the pound-denominated 2030 note guarantees under the indenture. After the collateral securing the redeemed second lien notes was subsequently released, the note guarantees returned to being unsecured, Moody’s said.
All other ratings for Kraft Heinz, including the Baa3 senior unsecured remain unchanged, the agency said.
The outlook is negative.
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