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Fitch Affirms Kellogg's IDRs at 'BBB+/F2'; Outlook Revised to Negative

2015-02-28 13:17:41| Agriculture - Topix.net

The Rating Outlook has been revised to Negative from Stable on expectations for modestly higher near term leverage at or near 3.0x in 2015 given Fitch's expectation of operating profit down mid-single digits and incremental debt for share repurchases. Near Term Leverage and Cereal Declines are Concerns: The Negative Outlook reflects Fitch's current expectation that gross leverage is likely to rise modestly in 2015 to be in the 3.0x range.

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