S&P: General Mills notes BBB+

Standard & Poor's said it assigned a BBB+ rating to the $400 million of senior unsecured floating-rate notes due 2014 and $300 million of senior unsecured fixed-rate notes due 2014 offered by General Mills Inc.

The company has BBB+ and A-2 ratings with a stable outlook.

These notes will be issued from General Mills' previously filed Rule 415 shelf registration for debt securities.

The proceeds will be used from this debt issuance to repay a portion of commercial paper.

The ratings reflect its strong business risk profile, supported by its portfolio of leading packaged food brands, diverse food categories and historically stable cash flow, S&P said.

The ratings also consider an expectation that leverage will remain close to 2.5x, the agency said.

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