Fitch rates General Mills notes BBB+

Fitch Ratings said it assigned a BBB+ rating to General Mills, Inc.'s €500 million 2.1% senior unsecured notes due November 16, 2020.

General Mills also 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 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 for general corporate purposes, including repaying a portion of its outstanding commercial paper. In October 2013, the company issued $250 million floating-rate notes and the proceeds were also used to repay commercial paper, Fitch said.

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

The company maintains significant brand equity in major product categories, which provides ample financial flexibility, Fitch said.

The credit strengths are balanced by the company's historically high priority for returning cash to shareholders, the agency said.

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