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Article: Duff & Phelps raises rating assigned to Kellogg's senior debt.
- Article from:
- PR Newswire
- Article date:
- May 27, 1986
CopyrightCOPYRIGHT 1986 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CHICAGO, May 23 /PRNewswire/ -- Duff & Phelps Inc., the national credit-rating agency, today raised the rating assigned to Kellogg's (NYSE: K) senior debt to D&P-1 (Triple-A) from D&P-2 (High Double-A).
"This rating upgrade reflects Kellogg's impressive performance in restoring quantitative protection measures after a large stock repurchase program completed in late 1984," a D&P spokesman said.
"The subsequent sharp decrease in the fixed obligation ratio to approximately 29 percent and coverages now returning to double-digit levels with expectations of further strengthening in the years beyond are key factors.
"From the standpoint of ...