Moody's may lower Kellogg

Moody's Investors Service said it placed the A3 long-term senior unsecured ratings of Kellogg Co. under review for possible downgrade.

This follows the company's announcement of weaker-than-expected third-quarter 2011 operating performance driven by a major accelerated spending plan to refurbish its supply chain, and reduced earnings guidance for fiscal years 2011 and 2012.

Moody's affirmed the company's Prime-2 short-term rating.

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