Moody's rates General Mills notes A3

Moody's Investors Service, Inc. said it assigned an A3 senior unsecured debt rating to €500 million ($676 million) seven-year notes being offered by General Mills, Inc. The outlook is stable.

The notes will mature in 2020 but are redeemable at any time at the company's option. The net proceeds will be used primarily to repay a portion 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.

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