TEXT-S&P on U.S. consumer products industry outlook

July 10 - Given the continued slow economic recovery, the credit quality of
U.S. consumer products companies will be pressured if higher energy, food, and
clothing prices force consumers to reduce spending and raw material costs
increase further, despite having recently abated somewhat. But according to a
Standard & Poor's Ratings Services report published today, most consumer
products issuers remain ready for this ongoing challenge.

"Our credit outlook for 2012 remains stable for U.S. consumer nondurables,"
said credit analyst Nicole Delz Lynch, referring to food and beverage
companies. For the durables sector (major home appliances/white goods,
furniture, home improvement products, small appliances, office products, and
other consumer discretionary household products companies), she added, "Our
outlook is stable to slightly negative for some subsectors, as compared with
2011."

The report, titled "Rating Trends For U.S. Consumer Products Companies
Continue To Improve," looks at rating trends in these sectors in the first
half of 2012, and discusses Standard & Poor's ratings expectations for the
second half of the year.

The report is available to subscribers of RatingsDirect on the Global Credit
Portal at www.globalcreditportal.com. If you are not a RatingsDirect
subscriber, you may purchase a copy of the report by calling (1) 212-438-7280
or sending an e-mail to research_request@standardandpoors.com. Ratings
information can also be found on Standard & Poor's public Web site by using
the Ratings search box located in the left column at www.standardandpoors.com.