Moody's may upgrade General Mills

Moody's Investors Service said it placed General Mills Inc.'s Baa2 senior unsecured debt and shelf ratings, Baa3 subordinated shelf rating and Ba1 preferred shelf rating under review for possible upgrade and affirmed the company's Prime-2 short-term debt ratings.

The agency said the review reflects General Mills' successful completion of a three-year $2 billion debt reduction program, improved and stable operating performance across a diverse portfolio of food product categories, partial recovery of share lost last year in Big G cereals and stronger, but flattening, credit metrics due to the resumption of large share repurchases after a period of debt reduction.

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