Fitch affirms Colgate

Fitch Ratings said it affirmed Colgate Palmolive Co.'s long-term issuer default rating at AA-, short-term issuer default rating at F1+, senior unsecured notes at AA-, revolving credit facility at AA- and commercial paper program at F1+.

The outlook is stable.

Ratings reflect the company's scale, leading market shares, as well as its consistently strong financial performance and credit metrics, the agency said.

With strong profitability and very modest debt levels, the company's debt-to-EBITDA ratio has declined steadily to 1x at March 31, from 1.6x at fiscal year-end 2002, Fitch said.

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