Fitch affirms General Mills

Fitch Ratings said it affirmed the credit ratings of General Mills, Inc. and its subsidiary, General Mills Cereals LLC as follows: General Mills, Inc. at long-term issuer default rating BBB+, senior unsecured debt BBB+, senior unsecured credit facilities BBB+, senior unsecured convertible notes BBB+, short-term issuer default rating F2, and General Mills Cereals at long-term issuer default rating BBB+ and class A preferred membership interests BBB+.

The outlook is revised to stable from negative.

According to Fitch, the ratings consider the company's leading market positions and strong brand equity in its major product categories such as cereal, yogurt, vegetables, soup and snacks.

In addition, the ratings incorporate General Mills' substantial free cash flow and advantageous competitive position in the packaged food industry's faster growing categories such as grain snacks, soup and yogurt, the agency noted.

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