July 30, 2012 / 4:20 PM / 5 years ago

TEXT-S&P rates Colgate-Palmolive new notes

July 30 - Standard & Poor's Ratings Services said today it assigned its
'AA-' senior unsecured debt rating to New York City-based Colgate-Palmolive
Co.'s newly issued $500 million 1.95% senior unsecured notes due 2023. In
addition, we assigned our 'AA-' senior unsecured rating to the company's Series
H medium-term note program.  

The new issuance will be drawn from the company's Series H medium-term note 
program issued under its existing shelf registration. We expect net proceeds 
from the debt issue to be used for general corporate purposes, including the 
repayment of existing indebtedness (short-term commercial paper borrowings) 
and for leverage to remain unchanged. We also expect credit protection 
measures to remain relatively stable for the next year, including leverage in 
the 1.5x area.

The ratings on Colgate-Palmolive reflect our view that the company has an 
"excellent" business profile based on its diversified portfolio of consumer 
brands and an extensive international presence. We also consider the company's 
financial risk profile to be "modest," based on the company's solid cash flow 
generating ability and strong credit measures as a result of its conservative 
financial policy. The company had approximately $5.3 billion of reported debt 
outstanding as of June 30, 2012. For the complete rating analysis, please 
refer to our research analysis on Colgate-Palmolive published June 14, 2012, 
on RatingsDirect. 

     -- 2008 Corporate Criteria: Rating Each Issue, April 15, 2008

Colgate-Palmolive Co.
 Corporate credit rating                AA-/Stable/A-1+

Ratings Assigned
Colgate-Palmolive Co.
 Senior unsecured
  $500 mil. 1.95% notes due 2023        AA-
  Series H medium-term note program     AA-

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