Kellogg Company typically funds its operations through internally generated cash flow and commercial paper as well as through capital market borrowings. This section provides details in regard to our financing.

Credit Ratings

Baa2(OS)
5/19/14
Baa2(OS)
2/12/14
BBB-(OS)
10/11/18
- - - -
F3
10/11/18
- - - -
BBB-(OS)
10/11/18
- - - -
S&P Moody's Fitch
  Long-term Issuer BBB (OS)
11/5/2015
Baa2(OS)
5/19/14
BBB-(OS)
10/11/18
Ratings History
BBB (OS)
11/5/2015
-
-
BBB+ (ON)
4/21/2015
-
-
BBB+ (OS)
4/11/2014
-
-
BBB+ (ON)
4/13/2012
-
-
  Short-term/Commercial Paper A-2 (WR)
12/29/2000
P-2
3/11/2019
F3
10/11/18
Ratings History
A-2 (WR)
12/29/2000
P-2
3/11/2019
-
-
P-2
2/12/2014
-
-
P-2
11/19/2013
-
-
P-2
2/1/2007
-
  Senior Unsecured BBB
11/5/2015
Baa2(OS)
2/12/14
BBB-(OS)
10/11/18
Ratings History
BBB
11/5/2015
Baa2 (OS)
3/11/2019
-
BBB+ (WR)
4/13/2012
Baa2 (OS)
5/19/2014
-
BBB+ (WN)
2/15/2012
Baa2 (OS)
2/12/2014
-
-
Baa1 (WN)
11/19/2013
-
Ratings Watch Action Legend: (WP) Watch Positive, (WN) Watch Negative, (WU) Watch Uncertain, (WR) Watch Removed, (OP) Outlook Positive, (ON) Outlook Negative, (OS) Outlook Stable, (OD) Outlook Developing
Long-Term Ratings   
  • Highest Credit Quality
    AAA AAA(EXP) AAApre
  • Very High Credit Quality
    AA+ AA+(EXP) AA AA(EXP) AA- AA-(EXP)
  • High Credit Quality
    A+ A+(EXP) A A(EXP) A- A-(EXP)
  • Good Credit Quality
    BBB+ BBB+(EXP) BBB BBB(EXP) BBB- BBB-(EXP)
  • Speculative
    BB+ BB+(EXP) BB BB(EXP) BB- BB-(EXP)
  • Highly Speculative
    B+ B+(EXP) B B(EXP) B- B-(EXP)
  • High Default Risk
    CCC+ CCC+(EXP) CCC CCC(EXP) CCC- CCC-(EXP) CC CC(EXP) C
  • Default
    DDD DD D
  • Highest Quality
    (P)Aaa Aaa
  • High Quality
    Aa1 (P)Aa1 (P)Aa2 Aa2 Aa3 (P)Aa3
  • Upper-Medium Quality
    (P)A1 A1 A2 (P)A2 (P)A3 A3
  • Medium-Grade Quality
    Baa1 (P)Baa1 (P)Baa2 Baa2 Baa3 (P)Baa3
  • Substantial Risk
    (P)Ba1 Ba1 Ba2 (P)Ba2 (P)Ba3 Ba3
  • High Risk
    B1 (P)B1 (P)B2 B2 B3 (P)B3
  • Very High Risk
    (P)Caa1 Caa1 Caa2 (P)Caa2 (P)Caa3 Caa3
  • Highly Speculative
    (P)Ca Ca
  • Default
    C (P)C
  • Extremely Strong
    AAA AAApi AAAt
  • Very Strong
    AA+ AA+pi AA+t AApi Aat AA AA- AA-pi AA-t
  • Strong
    A+ A+pi A+t Api At A A- A-pi A-t
  • Adequate
    BBB+ BBB+pi BBB+t BBB BBBpi BBBt BBB- BBB-pi BBB-t
  • Less Vulnerable
    BB+ BB+pi BB+t BB BBpi BBt BB- BB-pi BB-t
  • More Vulnerable
    B+ B+pi B+t B Bpi Bt B- B-pi B-t
  • Currently Vulnerable
    CCC+ CCC+pi CCC+t CCCpi CCCt CCC CCC- CCC-pi CCC-t
  • Highly Vulnerable
    CCpi CCt CC C+ C+pi C+t C Cpi Ct
  • Selective Default
    SD SDpi SDt
  • Default
    D+ D+pi D+t Dpi Dt D
  • Regulatory Supervision
    R Rpi Rt
Short-Term Ratings   
  • Exceptionally High Quality
    F1+ F1+(EXP)
  • High Quality
    F1 F1(EXP)
  • Good Quality
    F2 F2(EXP)
  • Fair Quality
    F3 F3(EXP)
  • Speculative
    B B(EXP)
  • High Default Risk
    C C(EXP)
  • Default
    D D(EXP)
  • Superior
    (P)MIG 1 (P)P-1 (P)VMIG 1 MIG 1 P-1 VMIG 1
  • Strong
    VMIG 2 P-2 MIG 2 (P)VMIG 2 (P)P-2 (P)MIG 2
  • Acceptable
    (P)MIG 3 (P)P-3 (P)VMIG 3 MIG 3 P-3 VMIG 3
  • Not Prime
    NP (P)NP
  • Extremely Strong
    A-1+
  • Strong
    A-1
  • Satisfactory
    A-2
  • Adequate
    A-3
  • More Vulnerable
    B B-1 B-2 B-3
  • Highly Vulnerable
    C
  • Selective Default
    SD
  • Default
    D
  • Regulatory Supervision
    R
Financial Strength Ratings   
  • Exceptionally Strong
    AAA AAAq
  • Very Strong
    AA+ AA+q AAq AA AA- AA-q
  • Strong
    A+ A+q Aq A A- A-q
  • Good
    BBB+ BBB+q BBBq BBB BBB- BBB-q
  • Moderately Weak
    BB+ BB+q BB BBq BB- BB-q
  • Weak
    B+ B+q B Bq B- B-q
  • Very Weak
    CCC+ CCC+q CCCq CCC CCC- CCC-q CCq CC Cq C
  • Distressed
    DDD DDDq DDq DD Dq D
  • Exceptional Security
    Aaa
  • Excellent Security
    Aa1 Aa2 Aa3
  • Good Security
    A1 A2 A3
  • Adequate Security
    Baa1 Baa2 Baa3
  • Questionable Security
    Ba1 Ba2 Ba3
  • Poor Security
    B1 B2 B3
  • Very Poor Security
    Caa1 Caa2 Caa3
  • Extremely Poor Security
    Ca C
  • Extremely Strong
    AAA AAApi
  • Very Strong
    AA+ AA+pi AApi AA AA- AA-pi
  • Strong
    A+ A+pi Api A A- A-pi
  • Good
    BBB+ BBB+pi BBBpi BBB BBB- BBB-pi
  • Marginal
    BB+ BB+pi BB BBpi BB- BB-pi
  • Weak
    B+ B+pi B Bpi B- B-pi
  • Very Weak
    CCC+ CCC+pi CCCpi CCC CCC- CCC-pi
  • Extremely Weak
    CCpi CC
  • Regulatory Action
    R

Issuer ratings are S&P/Moody’s/Fitch respectively. A security rating is not a recommendation to buy, sell or hold securities and should be evaluated independently of any other rating. The rating is subject to revision or withdrawal at any time by the assigning rating organization.

BORROWING & CREDIT AGREEMENTS

AS OF JANUARY 15, 2020 Coupon Rate Currency Principal Outstanding (Millions)
Senior Notes due 12/15/20 4.000 USD 602
Senior Notes due 5/14/21 3.250 USD 198
Senior Notes due 5/24/21 1.750 EUR 500
Senior Notes due 5/17/22 3.125 USD 358
Senior Notes due 11/17/22 0.800 EUR 600
Senior Notes due 3/1/23 2.750 USD 211
Senior Notes due 12/1/23 2.650 USD 550
Senior Notes due 5/17/24 1.000 EUR 600
Senior Notes due 3/10/25 1.250 EUR 600
Senior Notes due 4/1/26 3.250 USD 750
Senior Notes due 11/15/27 3.400 USD 600
Senior Notes due 5/15/28 4.300 USD 600
Senior Notes due 4/1/31 7.450 USD 625
Senior Notes due 4/1/46 4.500 USD 650
       
U.S Commercial Paper as of 12/28/19   USD 3
EUR Commercial Paper as of 9/30/19   EUR 0
AS OF JANUARY 17, 2020      
Revolving Credit Facility TOTAL (MILLIONS) CURRENCY OUTSTANDING (MILLIONS)  
5 Year 1,500.0 USD 0  
364-day 1,000.0 USD 0  

MATURITY SCHEDULE