S&P rates Procter & Gamble notes, loan AA-

Standard & Poor's said that it assigned an AA- senior debt rating to Procter & Gamble Co.'s (AA-/stable/A-1+) $1 billion of 0.7% senior notes due August 2014 and $1 billion of 1.45% senior notes due August 2016.

The notes were issued under the company's Rule 415 shelf registration statement filed Sept. 4, 2009. S&P also assigned an AA- rating to the company's recently completed $4 billion 364-day revolving credit facility due August 2012 and $7 billion five-year revolving credit facility due August 2016.

The company will use net proceeds from the debt issues for general corporate purposes, including the repayment of short-term borrowings.

The ratings on Procter & Gamble reflect the company's excellent business profile, geographic and product diversity, leading global positions, strong brands, ample cash flow generation and modest financial profile, the agency said.

The AA- long-term and A-1+ short-term corporate credit ratings on the company remain unchanged.

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