S&P: Colgate-Palmolive notes AA-

Standard & Poor's said it assigned its AA- senior unsecured debt rating to Colgate-Palmolive Co.'s newly issued $400 million 0.9% senior unsecured notes due May 2018 and $400 million 2.1% senior unsecured notes due May 2023.

The new issuance will be drawn from the company's series H medium-term note program issued under its shelf registration.

S&P said it expects net proceeds from the debt issue to be used for general corporate purposes, including the repayment of existing short-term commercial paper borrowings and for leverage to remain unchanged.

The agency also expects credit protection measures to remain relatively stable in 2013, including leverage in the 1.5 times area.

The ratings on Colgate-Palmolive reflect the view that the company has an "excellent" business profile based on its diversified portfolio of consumer brands and an extensive international presence, S&P said.

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