S&P rates Colgate-Palmolive notes AA-

Standard & Poor's said it assigned its AA- senior unsecured debt rating to Colgate-Palmolive Co.'s $81.9 million floating-rate series H medium-term notes due 2053.

The notes were drawn from the company's series H medium-term note program issued under its shelf registration.

The agency expects the company to use net proceeds from the debt issue for general corporate purposes, including repaying existing short-term commercial paper borrowings and for leverage to remain unchanged. It also expects credit protection measures to remain relatively stable over the next year, including leverage in the 1.5x area.

The AA-/A-1+ corporate credit rating on Colgate-Palmolive remains unchanged, as does the stable outlook.

S&P said the ratings on Colgate-Palmolive reflect its view that the company has an "excellent" business profile based on its solid position as the largest competitor in the stable global oral care segment, very high brand equity and awareness, its diversified portfolio of consumer brands and its extensive international presence.

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