Steps to follow for renaming Stored Procedures

There are two approaches to rename stored procedure. Dropping and Recreating Procedure : The problem is it will lead to losing of permissions. sp_rename of Procedure : Permissions will remain intact. The stored procedure will be renamed. But, sys.sql_modules will still be having the old definition. I prefer the second approach. I followed the below steps:

1. Have copy of the stored Procedure content Rename the stored procedure

1:  EXEC sp_rename 'dbo.OldStoredProcedureName','NewStoredProcedureName'  
2:  GO  

2. ALTER PROCEDURE to have the modified code of the procedure in the sys.sql_modules

1:  ALTER PROCEDURE dbo.NewStoredProcedureName  

3. Now, Stored procedure name is also updated and code is refreshed in sys.sql_modules and permissions are also intact.