S&P shifts Kraft Heinz view to positive

S&P said it revised Kraft Heinz Co.’s outlook to positive from stable and affirmed its BB+ issuer rating.

“Consumer spending on packaged food remains strong. We estimate demand for Kraft Heinz's products is close to 10% above levels before the Covid-19 pandemic. Moreover, the company indicates third-quarter 2021 comparable net sales in off-premises retail (which constituted about 90% of 2019 sales) fell only 1% compared to the third quarter of 2020, while food service increased 24%,” S&P said in a press release.

The outlook reflects the possibility of a higher rating at any time over the next 12 months if the company continues to report healthy profits, S&P said.

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