Moody’s Investors Service has upgraded the long-term debt ratings of US-based food producer Kellogg Company.
The credit ratings and risk analysis specialist has raised Kellogg’s senior unsecured debt rating to A3 from Baa1, with a stable rating outlook.
The upgrade concluded the review that began on 12 April, 2006. Moody’s also affirmed the company’s Prime-2 short term debt rating, which was not under review for possible upgrade.
Moody’s said the upgrade reflected Kellogg’s overall stable operating performance despite ongoing input cost pressures and heavy competition in key product categories; strong track record of product innovation and brand building; proven strategy of driving earnings growth through efficient management of cash and capital resources; and positive earnings momentum and strengthening credit metrics.
