S&P rates General Mills notes BBB+

Standard & Poor's said it assigned a BBB+ senior unsecured rating to the $700 million notes due 2012 of General Mills Inc.

The outlook is stable.

Proceeds will be used to repay commercial paper.

The agency said the BBB+ corporate credit rating of General Mills reflects its strong business risk profile, highlighted by its portfolio of leading packaged-food brands and its historically stable cash flow.

These factors help offset an intermediate financial risk profile that remains slightly weak for the rating, as well as some exposure to potential interest rate increases associated with sizable near-term debt and credit facility maturities, S&P added.

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