Moody's gives Kraft Heinz notes Baa3

Moody's Investors Service said it assigned Baa3 ratings to $1.5 billion of senior unsecured notes being offered today by Kraft Heinz Foods Co.

The notes will be issued in two tranches and will be guaranteed by its parent, the Kraft Heinz Co.

Proceeds of the seven-year and 10-year notes will be used to fund a conditional tender launched concurrently for up to $1.2 billion of unsecured notes, a conditional debt redemption of $300 million of unsecured notes, to enhance liquidity and for general corporate purposes.

All other company ratings, including its Baa3 senior unsecured rating, remain unchanged, Moody’s said.

The outlook is negative.

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