Moody’s rates General Mills notes A3

Moody's Investors Service said it assigned A3 ratings to €900 million of senior unsecured notes offered by General Mills, Inc.

The debt will be issued in two tranches consisting of €500 million 10% notes due 2023 and €400 million 1.5% notes due 2027.

The outlook is stable.

Moody's expects that the immediate use of proceeds will be to repay a portion of outstanding commercial paper that stood at $1.7 billion as of the most recently ended fiscal quarter in February.

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