The problems facing Kraft Heinz are growing. The stock sank last week following a dismal earnings report. Now, credit ratings agency Fitch is warning that the company's bonds could get downgraded to junk status if things don't turn around.
The stock sank last week following a dismal earnings report. Now, credit ratings agency Fitch is warning that the company's bonds could get downgraded to junk status if things don't turn around.Fitch revised its rating outlook on Kraft Heinz to"negative" on Monday. That means that the next move could be a downgrade. The company's bonds are currently rated"BBB-" by Fitch — the lowest rating that is still investment grade.
Warren Buffett hurt by the problems at Kraft HeinzBoth S&P and Moody's also have Kraft Heinz debt rated one level above junk territory. S&P downgraded Kraft Heinz in June, citing a"diminished" outlook for the company's brands. Kraft Heinz has struggled to adapt to changing consumer tastes during the past few years.The company has been focusing more on cost cutting and less on introducing innovative new food products.
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