Fitch Ratings on Friday upgraded the ratings of cereal maker Kellogg Co. to "A-" from "BBB+," citing the company's leading market position, brand power and increasing profit.
Fitch also attributed the upgrade to the company's "clear and balanced financial strategy," significant liquidity and high margins.
The rating outlook is "Stable." The ratings affect $5.9 billion in debt.
Kellogg shares fell 43 cents to $51.61 in afternoon trading.
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