S&P rates McCormick notes A-

Standard & Poor's said it assigned an A- senior unsecured debt rating to McCormick & Co. Inc.'s proposed $250 million senior unsecured notes due 2023.

McCormick has a corporate credit rating of A- and a stable outlook.

These notes will be issued off of McCormick's previously filed Rule 415 shelf registration for debt securities. The proceeds, along with cash on hand, will be used to repay its $250 million 5.25% notes due September 2013.

The ratings reflect the company's strong business profile based on its worldwide leadership in supplying spices, seasonings and flavors to the food service segment, food processors and retail outlets, S&P said.

These factors help mitigate McCormick's product line focus, which is narrower than those of other packaged foods companies, the agency said.

Ratings concerns also include the slow growth of the sector in which McCormick competes and the company's intermediate financial policy, S&P said.

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