Philadelphia gets right-handed pitcher Brad Lincoln in return.
Kratz appeared in 68 games for the Phillies last season posting a .213 batting average with nine home runs and 26 runs batted in. The 33-year-old has a career average of .220 with 18 home runs and 53 RBIs over four seasons with the Phillies and the Pittsburgh Pirates.
The 24-year-old Rasmussen combined to post a 3-11 record with a 4.11 earned-run average in 28 games, 24 starts between the double-A and triple-A affiliates of the Los Angeles Dodgers.
The five-foot-nine, 160-pound Rasmussen struck out 113 batters in 135.2 innings pitched last season. He was traded to the Philadelphia Phillies in exchange for Michael Young on Aug. 31.
Lincoln appeared in 22 games for Toronto in 2013 and was 1-2 with a 3.98 ERA. The right-hander has a career record of 9-11 with one save and a 4.66 ERA over 97 games, 22 starts for Toronto and Pittsburgh.