Mondelez International Inc.'s Senior Unsecured Notes Rated 'BBB'

CHICAGO (S&P Global Ratings) Feb. 11, 2019--S&P Global Ratings today assigned 
its 'BBB' issue-level rating to Deerfield, Ill.-based Mondelez International 
Inc.'s proposed senior unsecured notes due 2026. Mondelez has indicated it 
will use the net proceeds from the debt issuance for general corporate 
purposes, including the repayment of outstanding commercial paper borrowings 
and other debt. Total debt outstanding as of Dec. 31, 2018, was $18.4 billion.

All of our existing ratings on the company, including our 'BBB' issuer credit 
rating, are unchanged. The outlook is stable.

Mondelez retains a strong competitive position in the packaged food industry. 
Key factors in our business risk assessment include the company's good market 
shares and its position as a major snack company worldwide, with a leading 
portfolio of brands and international diversification. However, we recognize 
the company has relatively lower EBITDA margins within the highly competitive 
global snacks industry largely because of its greater emerging market 
exposure. 

Parent company Mondelez International Inc. issues the majority of the group's 
debt. However, the group has approximately $4.5 billion of priority senior 
unsecured debt that is issued by operating subsidiary Mondelez International 
Holdings Netherlands B.V. (MIHN). The MIHN debt is guaranteed by Mondelez 
International Inc. and rated 'BBB'. All of the debt issued by Mondelez 
International Inc. is also rated 'BBB' because the amount of debt issued by 
MIHN is below our 50% threshold for subordination risk. We estimate the 
percentage of MIHN debt to the company's total funded debt is just below 25%.

For our complete credit rating rationale, please see the analysis on Mondelez 
International Inc. dated June 6, 2018.
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