S&P rates Procter & Gamble notes AA-

Standard & Poor's said it assigned an AA- debt rating to Procter & Gamble Co.'s proposed benchmark-sized issuance of senior unsecured notes.

The agency said it expects the company to issue up to $2 billion in a mix of three-year and five-year notes.

The proceeds will be used for general corporate purposes, including pay-down of commercial paper, S&P said.

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

The outlook is stable.

The ratings reflect a 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 agency said.

The ratings also consider an expectation it will continue to generate robust cash flow while maintaining strong liquidity and a moderate financial policy, S&P said.

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