S&P rates Procter & Gamble notes AA-

S&P said it assigned an AA- rating to Procter & Gamble Co.'s €500 million senior unsecured notes due 2024, €500 million senior unsecured notes due 2029, $600 million senior unsecured notes due 2019, $600 million senior unsecured notes due 2020 and $600 million senior unsecured notes due 2047.

All of the notes were drawn from its shelf registration statement filed Oct. 20, S&P explained.

The agency said it expects the company to use the 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 included adjusted debt-to-EBITDA ratio in the mid-1x range.

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

The outlook is stable.

The ratings reflect the company's leading market position in multiple global household and personal care categories, S&P said.

This is highlighted by its attractive portfolio of brands, substantial product diversity, long history of successful product development and innovation and good geographic diversity, the agency said.

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