...September 4, 2020 CHICAGO (S&P Global Ratings) Sept. 4, 2020--S&P Global Ratings said today that Dallas-based Kimberly-Clark Corp.'s (A/Stable/A-1) ratings are unchanged following its announcement that it will acquire Indonesian personal care provider Softex Indonesia for $1.2 billion. Kimberly-Clark will fund the transaction with incremental debt and cash on hand. As a result of the acquisition, leverage will likely increase to the low-2x area, but we expect the company will reduce leverage to 2x or below in 2022. Softex Indonesia provides baby care, feminine care, adult incontinence, and wet wipes products, primarily in Indonesia. It is the second-largest diaper producer in the Indonesian market. The acquisition modestly expands Kimberly-Clark's geographic reach into a new, large market with high birth rates, which should help drive growth in its diaper business. Our 'A' rating on Kimberly-Clark incorporates its solid market shares in North American tissue and global diapers, incontinence...
