Moody's affirms Procter & Gamble

Moody's Investors Service said it affirmed the Aa3 senior unsecured rating and the Prime-1 short term rating of the Procter & Gamble Co. following the company's announcement that it would reinitiate share repurchases of at least $4 billion in fiscal 2013.

The outlook is stable.

"Procter & Gamble's Aa3 rating reflects its position as one of the best consumer products companies in the world with top tier brands and strong and stable cash flows," Moody's senior vice president Janice Hofferber said in a news release. "Despite pressure on profit margins over the last year, Procter & Gamble's ratings will continue to be supported by its very strong consumer product brands, with broad product and geographic diversity, significant brand equity and leading market shares in multiple product categories."

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