CHICAGO (S&P Global Ratings) July 12, 2019--S&P Global Ratings today said that Colgate-Palmolive Co.'s (AA-/Stable/A-1+) planned acquisition of Filorga will increase its pro forma leverage to about 2.3x from about 1.9x currently. The transaction does not immediately affect our ratings on the company because we expect that it will reduce its leverage below 2.0x within 18 months after the close of the acquisition due to its solid cash flow generating capacity and ability to reduce its debt by moderating its share repurchases, if necessary. However, it's possible that this acquisition could be an early indication of a shift toward more aggressive financial policies under its new management team. While there is a sound strategic rationale for the acquisition (expanding the
