(Bloomberg) — Kraft Heinz Co., the iconic food giant created in a merger five years ago, was downgraded to junk by Fitch Ratings, raising fresh worries among investors that a slowing economy could threaten the broader corporate bond market. The packaged-food company was cut one level to BB+, its first high-yield rating. Similar action from S&P Global Ratings or Moody’s Investors Service would officially dub Kraft Heinz as a fallen angel, taking it out of investment-grade indexes. Though Kraft Heinz, with just under $30 billion of debt, is a relatively small investment-grade issuer, it would become one of the top …read more
Source:: Yahoo Finance
