S&P gives AA- to Procter & Gamble notes

S&P said it assigned an AA- issue-level rating to Procter & Gamble Co.'s proposed senior unsecured notes, which will be drawn from its shelf registration statement filed Oct. 24, 2014.

The agency expects the company to use the net proceeds to refinance debt maturing in 2017, to invest in its business and for shareholder distributions.

S&P said it expects the transaction will have an immaterial impact on Procter & Gamble’s solid credit ratios, which include adjusted debt to EBITDA in the mid-1 times area and adjusted funds from operations (FFO) to debt in the high-40% area.

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

The outlook is stable.

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