Fitch gives Yoplait loans, notes BBB+

Fitch Ratings said it assigned BBB+ ratings to Yoplait SAS' €200 million five-year revolving credit facility due June 23, 2019 and €200 million senior unsecured notes due June 24, 2021.

Concurrently, the agency withdrew the BBB+ rating on Yoplait's €300 million credit facility due in December 2014, which was terminated.

Yoplait used the net proceeds for general corporate purposes, including refinancing its previous credit facility.

General Mills has a 51% controlling interest in Yoplait and consolidates the entity. However, General Mills does not guarantee this debt. Guarantees are provided by certain Yoplait subsidiaries that comprise the vast majority of assets and income of the joint venture.

Yoplait's alignment with General Mills' core business, strategic importance and significant investment support align the ratings with General Mills' ratings. Yoplait's debt is structurally superior relative to the cash flows of Yoplait but is a modest portion of General Mills' capital structure, Fitch said.

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