NEW YORK (Standard&Poor's) October 20, 2004--Standard&Poor's Ratings Services said today that there would be no effect on Colgate Palmolive Co.'s (AA-/Stable/A-1+) ratings or outlook following the company's announcement that its Board of Directors has authorized a 20 million share increase to its existing repurchase program. Despite the expected increase in stock repurchases and its third quarter earnings decline of 10% compared with the same quarter in 2003, Standard&Poor's expects that the company's strong cash-generating ability will allow credit measures to remain appropriate for the current rating.
