S&P rates Kellogg notes BBB

S&P said it assigned its BBB issue-level rating to Kellogg Co.'s planned senior unsecured notes due in 2033 with the final amount to be determined.

“All of our ratings on the company are unchanged, including the BBB issuer credit rating and negative outlook,” the agency said in a press release.

The company intends to use the proceeds to repay its $210 million of 2.75% senior notes due March 1, repay a portion of commercial paper borrowings, and cover offering-related fees and expenses.

“We expect this to be a leverage-neutral transaction,” S&P said.

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