Fitch: H.J. Heinz notes at BBB

Fitch Ratings said it affirmed H.J. Heinz Co.'s BBB long-term issuer default rating, BBB bank facilities, BBB senior unsecured debt, F2 short-term issuer default rating and F2 commercial paper.

Fitch revised the outlook to positive from stable and assigned a BBB rating to the private placements of $500 million of guaranteed senior notes and $100 million of notes due 2016 and 2018.

The positive outlook reflects Heinz's improvement in leverage over the past two years through earnings growth and modest debt reduction, the agency said.

Heinz's ratings continue to reflect the company's solid cash flow generating ability, its product and geographic diversification and its leading market positions in major product categories, the agency added.

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