Moody's assigns General Mills notes Baa2

Moody's Ratings said it assigned a Baa2 rating to General Mills, Inc.'s new €1 billion of senior unsecured notes in two tranches.

Other ratings including the company's Baa2 senior unsecured ratings, are not affected, the agency said.

“The credit effect of the debt issuance depends on the ultimate use of proceeds. The company indicated in the offering memorandum that the use of proceeds is for general corporate purposes which may include the repayment of outstanding indebtedness, acquisitions, capital expenditures, and strategic investments. Repayment of existing debt that extends maturities would improve liquidity and be credit positive whereas other uses of the debt could be leveraging and credit negative,” Moody’s said in a press release.

The outlook is unchanged at stable.

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