S&P rates General Mills notes BBB+

Standard & Poor's said it assigned a BBB+ senior unsecured rating to General Mills Inc.'s (BBB+/stable/A-2) proposed $500 million notes due 2040.

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

"The ratings on General Mills reflect its strong business risk profile, highlighted by its portfolio of leading packaged-food brands and its historically stable cash flow," S&P analyst Alison Sullivan said in a statement.

These factors help offset an intermediate financial risk profile because of historically high levels of share repurchases, the agency said.

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