Elsha |
05-31-2012 10:08 PM |
Moody's revises Kraft outlook to positive
Moody's Investors Service on Thursday revised its ratings outlook on Kraft Foods KFT -0.36% to positive from developing. Kraft plans to separate its snacks and grocery units before yearend. Moody's said Kraft's snacks business, to be renamed Mondelez International, "will have a somewhat stronger credit profile than Kraft current does." Brands for Mondelez will include Cadbury, Oreo and Tang. Kraft shares were down 0.5% at $38.23 in midday trades. The stock is up 2% since Jan. 1. By comparison, the Dow Jones Industrial Average DJIA -0.21% is up 1.3%, while the S&P 500 SPX -0.23% is up 3.8%
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