S&P gives Procter & Gamble notes AA-

Standard & Poor's said it assigned its AA- debt rating to Procter & Gamble Co.'s proposed €750 million eight year senior unsecured notes.

Procter & Gamble is expected to issue the notes under its Rule 415 shelf registration statement filed Nov. 4, 2011, and use the net proceeds for general corporate purposes including pay-down of commercial paper. Total debt outstanding as of Sept. 30 was about $34.8 billion.

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

The outlook is stable.

S&P said the ratings on Procter & Gamble reflect its belief the company will maintain an "excellent" business profile, based on its broad geographic and product diversity, strong global market positions and diversified brand portfolio. The company's "modest" financial profile reflects the expectation it will continue to generate robust cash flow while maintaining strong liquidity and a moderate financial policy, the agency said.

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