Fixed Income

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
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
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