Fitch rates General Mills notes BBB+

Fitch Ratings said it assigned a BBB+ rating to General Mills, Inc.'s $250 million floating rate notes due Jan. 29, 2016.

This issuance is a re-opening of the company's $250 million floating-rate notes issued in January 2013. The interest rate will be three month Libor plus 0.300%.

The company has a long-term issuer default rating of BBB+, senior unsecured debt rating of BBB+, senior unsecured credit facilities rating of BBB+, short-term issuer default rating of F2 and commercial-paper rating of F2.

General Mills Cereals LLC's has a long-term issuer default rating of BBB+ and class A limited membership interests rating of BBB+.

Yoplait SAS has a long-term issuer default rating of BBB+ and credit facility rating of BBB+.

The outlook is stable.

The proceeds will be used to repay a portion of its outstanding commercial paper.

The ratings incorporate the company's strong profitability, substantial internally generated liquidity and leading market positions in key categories, Fitch said.

The company maintains significant brand equity in major product categories, including cereal, yogurt, ready-to-serve soup and snacks, the agency said.

Credit strengths are balanced by the company's historically high priority for returning cash to shareholders, Fitch said.

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