Leading positions in consumer branded products industry; Improved operating performance in recent years; and Good liquidity. Lack of geographic diversity. Moderately leveraged balance sheet. The ratings on Princeton, N.J.-based Church&Dwight Co. Inc. reflect the company's participation in the highly competitive personal care segment of the consumer products industry, its lack of international geographic diversity, and its somewhat aggressive acquisition strategy. The company's established consumer brands, stable operating performance, good free cash flow generation, and moderately leveraged balance sheet partially mitigate these factors. Although the company maintains leading brands, such as Arm&Hammer and Trojan, it competes against much larger companies, such as Procter&Gamble Co. and Colgate-Palmolive Co. (both AA-/Stable/A-1+), with much greater resources to promote
