S&P rates Colgate-Palmolive notes AA-

Standard & Poor's said it assigned an AA- debt rating to Colgate-Palmolive Co.'s $1 billion senior unsecured notes, which are comprised of a $500 million five-year tranche due 2019 and $500 million 10-year tranche due 2024.

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

The proceeds from the debt issuance will be used for general corporate purposes, including repaying near-term debt maturities and commercial paper, S&P said.

The agency also said it expects credit-protection measures to remain relatively stable over the next year, including leverage in the 1.5x range, the agency said.

The AA- and A-1+ corporate credit rating on Colgate-Palmolive is unchanged, as is the stable outlook.

The ratings reflect the company's 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, diversified portfolio of consumer brands and extensive international presence, S&P said.

The company's financial risk profile is considered modest based on the company's solid cash flow generating ability and strong credit measures as a result of its conservative financial policy, the agency added.

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