S&P ups General Mills outlook to stable

Standard & Poor's said it revised its outlook on General Mills Inc. to stable from negative.

Existing ratings on the company, including the BBB+ corporate credit rating, were affirmed, the agency said.

S&P noted that the outlook revision reflects a continued improvement in credit measures and stable cash generation in fiscal 2006, despite a difficult cost environment, adding that 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.

These factors help to offset an intermediate financial risk profile that, although improved, remains slightly weak for the rating category, the agency said.

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