Fitch lowers General Mills to BBB

Fitch Ratings said it downgraded the long-term issuer default rating of General Mills, Inc. and its subsidiaries to BBB from BBB+, reflecting a higher leverage profile post the expected May 2018 closing of its proposed acquisition of Blue Buffalo Pet Foods, Inc.

Fitch also rated the company's aggregate $6.05 billion in new unsecured notes that are being used to partly finance the acquisition at BBB.

General Mills was removed from rating watch negative and the ratings were assigned a stable outlook.

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