Moody's assigns Baa1 rating to General Mills notes

by Josh Sosland
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NEW YORK — Moody’s Investors Service has assigned a Baa1 rating to $700 million of five-year senior unsecured notes issued July 31 by General Mills Inc.

Additionally, Moody’s affirmed the Baa1 rating for General Mills’ existing senior unsecured debt and its Prime-2 short-term rating for commercial paper. Moody’s gave General Mills a stable outlook.

The highest of Moody’s B ratings, the credit agency describes Baa as a "moderate credit risk" and "are considered medium-grade and as such may possess certain speculative characteristics."

General Mills will use the new notes to repay commercial paper. The notes will yield 5.299% and mature Aug. 15, 2013.

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