S&P rates Procter & Gamble notes AA-

Standard & Poor’s said it assigned an AA- rating to Procter & Gamble Co.’s $112.6 million floating-rate notes due Nov. 1, 2064, which were drawn from the shelf filed Oct. 24, 2014.

The proceeds will be used for general corporate purposes, including the payment of dividends.

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

The outlook is stable.

The ratings incorporate the company’s strong global position in the household and personal-care categories, which is highlighted by its substantial product diversity and history of successful product development and innovation, S&P said.

Despite high levels of shareholder payments, the agency said it expects the company to maintain leverage below 2x and a ratio of funds from operations-to-total debt in the low 40% range, the agency said.

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