Standard & Poor's Downgrades Kraft (KFT) Credit Rating

Standard & Poor's announced on Wednesday that it lowered its corporate credit rating of Kraft Foods Inc. (NYSE: KFT) from A- to BBB due to Kraft's planned takeover of Cadbury plc (NYSE: CBY).

However, Standard & Poor's also said that the outlook for both companies is good and that it expects that Kraft will improve credit measures through debt repayments and improved cash flow.