S&P rates Kraft Heinz notes BBB-

S&P said it assigned a BBB- rating to a proposed offering of senior unsecured notes by the Kraft Heinz Co.

Proceeds from the sale, together with cash on hand, will be used to fund the recently announced redemption and tender offers in a transaction that is neutral to S&P Global Ratings-adjusted leverage, which is in the high-4x area, S&P said.

All of Kraft Heinz’s existing ratings, including the BBB- issuer credit rating, are unchanged.

The outlook remains negative.

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