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Moody's gives General Mills notes A3
Moody's Investors Service said it assigned an A3 senior unsecured debt rating to $250 million of tack-on notes being issued by General Mills, Inc. that will expand the size of the company's existing senior unsecured floating rate notes due 2016 to $500 million from $250 million.
The company intends to use net proceeds from the notes for general corporate purposes, which may include repayment of outstanding commercial paper.
The outlook is stable.
Moody's said the A3 rating reflects General Mills' diverse portfolio of strong brands, including Big G cereals, Pillsbury, Nature Valley, Progresso and Yoplait and its top-tier market share positions in its core food categories. The rating also reflects strong operating margins, modest financial leverage, and balanced financial policy, the agency said.
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