Fitch affirms General Mills ratings

Fitch Ratings said it affirmed General Mills' BBB+ senior unsecured debt and F2 commercial paper ratings and assigned a BBB+ rating to the company's Series A preferred securities.

The outlook remains negative.

Fitch said General Mills' debt and preferred securities ratings are supported by management's commitment to debt reduction and stable operating earnings and cash flow, which are derived from a balanced portfolio of packaged food brands that are No. 1 and No. 2 in their categories.

The negative outlook reflects the company's weak credit protection measures for its assigned rating. The outlook is expected to remain negative until the company pays down a significant portion of its outstanding debt and leverage becomes more commensurate with the rating level.

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