Moody’s gives General Mills notes Baa2

Moody's Investors Service said it gave a Baa2 rating to General Mills, Inc.’s planned $500 million of senior unsecured notes.

The company’s other ratings, including the Baa2 senior unsecured, are unchanged, Moody’s said.

General Mills plans to use the proceeds to repay the company's $400 million of floating-rate notes due in October and for general corporate purposes.

“The debt issuance is credit positive as it terms out debt and improves liquidity without materially increasing leverage or cash interest expense,” Moody’s said in a statement.

General Mills’ outlook is unchanged at stable, the agency said.

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