S.&P. assigns 'BBB+' rating to General Mills notes
March 13, 2008
by FoodBusinessNews.net Staff
NEW YORK — Standard & Poor’s Rating Services has assigned a "BBB+" senior unsecured rating to the $750 million 5.2% notes due 2015 offered by General Mills, Inc., Minneapolis.
According to S.&P., the notes will be issued off General Mills’ previously filed Rule 415 shelf registration for debt securities, with proceeds to be used to repay a portion of commercial paper.
"The ratings on General Mills reflect its strong business risk profile, highlighted by its portfolio of leading packaged food brands and its historically stable cash flow," S.&P. said. "These factors help offset an intermediate financial risk profile that remains slightly weak for the rating."