Baa2 Moody's rating for $500 million in new Kraft notes
December 17, 2008
by FoodBusinessNews.net Staff
NEW YORK — Moody’s Investors Service has given a Baa2 rating to $500 million of five-year unsecured notes issued Dec. 16 by Kraft Foods Inc. Moody’s also affirmed the Kraft Baa2 senior unsecured debt rating and its Prime-2 short term rating for commercial paper. Moody’s called the rating outlook for Kraft stable.
The notes were issued under an existing shelf registration filed in December 2007. Kraft, based in Northfield, Ill., is using proceeds to repay outstanding commercial paper, which totaled $1.7 billion as of Oct. 1. The new notes will mature in February 2014.