NEW YORK (Standard&Poor's) June 1, 2009—Standard&Poor's Ratings Services said today that it raised the issue-level rating on Church&Dwight's $250 million senior subordinated notes to 'BB+' (the same level as the corporate credit rating) from 'BB'. At the same time, we revised the recovery rating to '3', indicating our expectation of meaningful (50%-70%) recovery in the event of a payment default, from '5'. "The change in ratings for the senior subordinated debt is due to the redemption of the company's convertible debentures during fiscal 2008, which was ahead of the subordinated debt in the capital structure," said Standard&Poor's credit analyst Susan Ding. "Although numerically our analysis indicates recovery in the 90%-100% range, the
