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Fitch rates General Mills notes BBB+
Fitch Ratings said it assigned a BBB+ rating to General Mills, Inc.'s proposed $750 million senior unsecured notes due 2015. The company has an issuer default rating, senior unsecured debt, senior unsecured credit facilities and senior unsecured convertible notes at BBB+ and a short-term issuer default rating at F2.
The outlook is negative.
Proceeds will help repay the outstanding commercial paper.
Ratings consider the company's No. 1 and No. 2 market positions and strong brand equity in its major product categories, the agency said.
Ratings also reflect substantial free cash flow, advantageous competitive position in some of the packaged food industry's faster-growing categories and the company's margins and operating fundamentals, Fitch said.
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