S&P rates Colgate-Palmolive notes AA-

Standard & Poor's said it assigned its AA- senior unsecured debt rating to Colgate-Palmolive Co.'s newly issued $300 million senior unsecured notes due 2014, $400 million senior unsecured notes due 2017 and $300 million senior unsecured notes due 2021.

In addition, S&P said it assigned its preliminary AA- senior unsecured rating to the company's Rule 415 shelf registration for debt securities dated Oct. 27. The new issues will be drawn from the company's series G medium-term note program issued under the shelf registration.

The agency said it expects net proceeds from the debt issues to repay existing debt, including commercial paper borrowings, and for leverage to remain unchanged.

The ratings on Colgate-Palmolive reflect S&P's view that the company has an excellent business profile based on its diversified portfolio of consumer brands and an extensive international presence, the agency said. The company's financial risk profile is considered minimal, based on the company's solid cash flow generating ability and strong credit protection measures as a result of its conservative financial policy, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.