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Fitch rates General Mills
Fitch Ratings said it assigned a BBB+ rating to General Mills, Inc.'s $1.15 billion 5.65% senior unsecured notes due Feb. 15, 2019.
The company has a long-term issuer default rating at BBB+, senior unsecured debt at BBB+, senior unsecured credit facilities at BBB+ and short-term issuer default rating at F2.
Proceeds will be used to repay a portion of the company's outstanding commercial paper.
Ratings consider the company's leading market positions and strong brand equity, the agency said, as well as its margins and operating fundamentals.
Total debt-to-operating EBITDA was 3.2 times.
The agency said General Mills' credit measures for the 12 months ended Nov. 23 are weak for the rating level, but that it expects improvement in these measures in the near term based on continued strong operating fundamentals.
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