USA: DBRS confirms General Mills & General Mills Canada rating at A (low) & R-1 (low)
The ratings for General Mills, Inc. and General Mills Canada Inc., which are guaranteed and based upon the parent General Mills, Inc. ("General Mills"), are confirmed as indicated above, all with Stable trends. The ratings are confirmed following the announcement by General Mills that its early experience with the integration of the Pillsbury acquisition (completed October 31, 2001) has been more challenging than originally expected. Disruptions to Pillsbury's operations were encountered following the transition of its broker-based business into General Mills' internal sales team, the management of which subsequently caused one-time disruptions to General Mills' core operations. As such, volume trends for the entire U.S. retail business were significantly below plan for December 2001 and January 2002 and are anticipated to result in a 3%-4% decline for the third quarter of F2002 versus original low single digit gains. This will result in a notable earnings disruption for the current period and a subsequent moderate decline in operating cash flow for F2002 as a whole.
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