Mondelez International, Inc. -- Moody's: Mondelez $2.8B windfall is slight benefit to creditors

New York, November 14, 2013 -- In an issuer comment published today, Moody's Investors Service ("Moody's) said that Tuesday's ruling by an independent arbitrator that Starbucks Corporation (Baa2 rating under review - up) must pay nearly $2.8 billion in cash compensation, ultimately to Mondelez International (Baa1 stable) could provide a slight benefit to Mondelez creditors. Although Mondelez intends to use the net proceeds from the award to repurchase shares, Moody's says that the incremental buyback won't affect leverage and that the company might be less likely to increase share repurchases further in the near-term.

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