Fitch changes Kraft Heinz view to negative

Fitch Ratings said it revised its outlook for Kraft Heinz Co.’s outlook to negative from stable, citing uncertainty about the company’s strategy, elevated leverage and a pause in asset sales.

“The company did not update (or provide) 2019 guidance relative to the 2019 EBITDA guidance of $6.3 billion-$6.5 billion provided in February 2019 although CEO Miguel Patricio, who joined Kraft in July, commented on the second-quarter earnings conference call that one of his three immediate goals was to ‘execute our existing 2019 business plan,’” said Fitch in a press release.

Kraft Heinz hopes to complete a comprehensive review and provide a new strategic agenda, Fitch said.

The agency affirmed the company’s BBB- issuer default rating.

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