Moody's rates Procter & Gamble notes Aa3

Moody's Investors Service said it assigned an Aa3 rating to €2.1 billion of senior unsecured notes offered by the Procter & Gamble Co.

The proceeds will be used for general corporate purposes and to refinance upcoming maturities of existing debt.

The outlook is stable.

The debt assigned with an Aa3 rating includes an issue of €800 million senior unsecured notes due 2024, €800 million senior unsecured notes due 2028 and €500 million senior unsecured notes due 2038.

The outlook is stable.

The ratings reflect the company's significant cash flow and financial flexibility, Moody's said.

The company also benefits from a large portfolio of well-known branded consumer products with leading market shares, the agency said.

The company's credit metrics are somewhat weak for the rating, but are mitigated by the company's strong operating profile and competitive position, Moody's said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.