S&P may cut Kraft's debt on weaker credit profile

Standard & Poor's on Wednesday said it may cut its ratings on Kraft Foods Inc after the company reported a weaker than expected credit profile in its third-quarter earnings.

Kraft posted a 20 percent drop in quarterly profit on Wednesday, hit by soaring dairy costs, though sales and earnings still beat analysts' estimates as increased spending on marketing and new products started to pay off.

"Credit measures have weakened beyond our prior expectations from higher commodity costs, particularly dairy, and higher debt levels to fund Kraft's more aggressive share repurchase activity," S&P said in a statement.

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- Posted: 2007-11-01 09:52:31

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