S&P rates General Mills notes BBB+

Standard & Poor's said it assigned a BBB+ senior unsecured rating to the $700 million 5¼% notes due 2013 offered by General Mills Inc. (BBB+/negative/A-2).

The outlook is negative.

Proceeds will be used to repay a portion of commercial paper.

Ratings reflect the company's strong business risk profile, highlighted by its portfolio of leading packaged-food brands and its historically stable cash flow, the agency said.

These factors help offset an intermediate financial risk profile and credit measures that remain slightly weak for the rating, S&P noted.

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