S&P changes Kraft Heinz view to negative

S&P said it changed its outlook for Kraft Heinz Co. to negative from stable, citing weaker-than-expected earnings and a lack of clarity on the company’s outlook.

“The unveiling of Kraft Heinz's strategic plan is months away while our near-term performance expectations deteriorate. On his first earnings call, new CEO Miguel Patricio spoke in general terms about his goals for the business, but the announcement of any concrete actions to improve performance is not expected until early 2020,” said S&P in a press release.

S&P affirmed all its ratings for the company, including its BBB- rating.

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