S&P rates P&G notes AA-

S&P said it rated Procter & Gamble Co.'s planned dollar-denominated senior unsecured notes AA-.

“We estimate the company's leverage for the last 12 months (LTM) ended December 2021 was 1.41x and anticipate it will remain below 1.5x pro forma for the transaction depending on how much debt its issues and how much maturing debt it repays. All of our existing ratings on the company, including our AA- long-term issuer credit rating, are unchanged,” S&P said in a press release.

P&G will use the proceeds for general corporate purposes, including to repay its maturing debt and fund shareholder distributions.

The outlook is stable.

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