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Moody's rates General Mills notes Baa1
Moody's Investors Service said it assigned Baa1 ratings to $700 million of senior notes issued in two tranches by General Mills, Inc.
The outlook is stable.
The new notes consist of $400 million of three-year floating-rate notes due May 16, 2014 and $300 million of three-year fixed-rate notes due May 16, 2014.
Proceeds from the notes offering will be used primarily to repay commercial paper.
The Baa1 rating reflects the company's diverse portfolio of strong brands including Big G cereals, Pillsbury, Nature Valley, Progresso and Yoplait, the agency said.
The company's credit metrics are solid and in line with the Baa1 rating category, and its financial policy, while aggressive at times in the past, is balanced, the agency added.
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