S&P rates General Mills notes

Standard & Poor's said it assigned its BBB+ rating to General Mills Inc.'s proposed $1 billion senior unsecured notes due 2021. These notes will be issued off of General Mills' previously filed Rule 415 shelf registration for debt securities.

According to S&P, the company indicated it will use proceeds from this debt issuance to repay a portion of commercial paper and a portion of its $1 billion 6% notes due Feb. 15, 2012, and then, to the extent available, for general corporate purposes.

The BBB+ corporate credit rating reflects General Mills' strong business risk profile, supported by its portfolio of leading packaged food brands, diverse food categories, and historically stable cash flow, the agency said.

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