USA: Moody's revises General Mills rating outlook
New York-based Moody's Investors Service has confirmed the Baa1 senior unsecured and Prime-2 short term ratings for US food giant General Mills (GM), and changed the outlook on its senior unsecured debt to negative from stable. This action, said Moody's, follows continued soft operating performance in GM's core US market, as well the competitive challenges the company will face in restoring profitable volume growth and improving debt protection measures in the near term. Should GM be unable to generate volume improvements, reduce debt, improve its debt protection measures, and lengthen the term of its capital structure, its ratings could be downgraded.
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