S&P rates P&G notes AA-

Standard & Poor's said it assigned an AA- senior unsecured debt rating to Procter & Gamble International Funding SCA's $3 billion senior unsecured floating-rate note offering, to be issued in a combination of one-year and 18-month tranches.

Proceeds will be used to refinance certain borrowings under the short-term commercial paper program and for general corporate purposes.

The notes are fully guaranteed by Procter & Gamble Co. (AA-/stable/A-1 and therefore carry the same rating.

Ratings on P&G reflect the company's excellent business risk profile, with geographic and product diversity, and its modest financial risk profile, the agency said.

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