Moody’s changes Kraft Heinz view

Moody's Investors Service said it affirmed the Baa2 senior secured debt rating, Baa3 senior unsecured debt rating and Prime-3 commercial paper rating of Kraft Heinz Foods Co.

Moody's also revised the outlook to stable from positive.

The action follows Kraft Heinz's announcement on Feb. 22 of weaker than expected fourth quarter 2018 earnings and earnings outlook for fiscal 2019, along with a $15.4 billion impairment charge, the agency said.

The company also announced that it is the subject of a Securities and Exchange Commission subpoena received last October related to its accounting for vendor agreements.

Moody's said it will consider any credit implications resulting from this matter if and when they develop.

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