Dec 19 - Standard & Poor's Ratings Services said today its ratings on
Dallas-based Kimberly-Clark Corp. (including the 'A' long-term and 'A-1'
short-term corporate credit ratings, and the 'A' senior unsecured debt rating on
the company's $200 million dealer remarketable securities offering due Dec. 19,
2016) remain unchanged following the remarketing of these securities. The
remarketable securities were originally issued in December 2006 pursuant to Rule
144A, and Kimberly-Clark will not receive proceeds from the remarketing. These
securities will bear an interest rate of 4.215% until Dec. 19, 2013, the next
remarketing date. For the 12 months ended Sept. 30, 2012, the ratio of lease-
and pension-adjusted total debt to EBITDA was about 1.9x, and we expect the
company to maintain leverage in the 2x area through the end of fiscal 2013.
The ratings on Kimberly-Clark Corp., a global manufacturer and marketer of
household and personal care products, reflects its "strong" business profile
and its "modest" financial risk profile. Standard & Poor's view that
Kimberly-Clark's business risk profile is strong is based on the diversity and
strength of the company's product portfolio, in addition to its
well-established brands and very good market positions globally. The company's
exposure to the volatility of commodity and energy costs over the past several
years, and sensitivity to consumer trade-down under weaker economic
conditions, are offsetting risk factors.