Moody’s rates Procter & Gamble notes Aa3

Moody's Investors Service said it assigned Aa3 ratings to Procter & Gamble Co.’s proposed offering of senior unsecured eight-year euro-denominated notes.

The outlook is stable.

The company intends to use the net proceeds (expected to be at least €1 billion) for general corporate purposes, including the refinancing of existing debt.

Moody’s said the Aa3 senior unsecured and Prime-1 commercial paper ratings reflect the significant cash flow and financial flexibility resulting from Procter & Gamble’s large portfolio of well-known branded consumer products with leading market shares. The portfolio and global distribution capabilities provide operating stability, considerable scale, and product and geographic diversity that are supported by a strong reinvestment track record through a range of economic environments.

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