Fitch: General Mills up to stable

Fitch Ratings said it affirmed General Mills, Inc.'s BBB+ senior unsecured debt, BBB+ class A preferred interests, BBB- class B preferred interests and F2 commercial paper ratings.

Also, the outlook was revised to stable from negative.

Fitch said the stable outlook recognizes General Mills' debt reduction progress since its fiscal 2002 acquisition of Pillsbury.

The company had set a goal to reduce debt by $2 billion during fiscal years 2004 to 2006. Nearly two years into the debt reduction program, Fitch said it anticipates General Mills will achieve substantially all of the targeted debt reduction by its fiscal May 31, 2005 year-end.

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