Mars Credit Rating May Be Cut by Moody’s, S&P on Kellanova Deal

Moody’s Ratings and S&P Global Ratings may cut Mars Inc.’s credit grades after the candy maker agreed to buy Kellanova for about $36 billion, including debt.

Mars’ A1 unsecured ratings were placed under review for a downgrade, while S&P could lower its issuer credit rating from A+. The acquisition, the biggest this year, was announced on Wednesday.

Mars inked a $29 billion bridge loan to finance the purchase in what is set to be the biggest blue-chip debt financing for a merger and acquisition in nearly a year, according to data compiled by Bloomberg. Much of that loan ...