S&P rates Colgate notes AA-

Standard & Poor's said it assigned its AA- senior unsecured debt rating to Colgate-Palmolive Co.'s newly issued $500 million 2.3% senior unsecured notes due 2022.

According to S&P, the new issuance will be drawn from the company's Series G medium-term note program issued under its shelf registration.

The agency said it expects net proceeds to repay existing indebtedness and for leverage to remain unchanged. The agency said it also expects credit protection measures to remain relatively stable for the next year, including leverage in the 1.5x area.

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

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