S&P lowers Mondelez view to negative

Standard & Poor's said it affirmed Mondelez International Inc.'s ratings, including its BBB long-term corporate credit rating and A-2 short-term corporate credit and commercial-paper ratings.

The agency also said it revised the outlook to negative from stable.

The outlook revision reflects concerns that Mondelez's core credit ratios may weaken below expectations for its significant financial risk profile, S&P said.

This is based on concerns that category growth has continued to slow, along with the ability of Mondelez to realize expected cost savings from the initiation of an expanded multi-year restructuring program, the agency said.

The remaining business will continue to have a strong business risk profile, albeit somewhat weaker, because of a more narrow business focus, reduced scale and expected lower margin in the near-term, S&P said.

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