On April 1, 2008, Standard&Poor's Ratings Services placed its 'BB' corporate credit and other ratings on Princeton, N.J.-based Church&Dwight Co. Inc. on CreditWatch with positive implications. Approximately $855 million of funded debt was outstanding as of Dec. 31, 2007. The CreditWatch listing reflects improved credit measures and consistent cash generating ability that has allowed the company to delever. Despite an expected moderate increase in debt as a result of the planned Orajel and other over-the-counter brands acquisition from Coty Inc. for $380 million, the company continues to demonstrate stable operating performance and has reduced leverage below 3x, consistent with levels we would consider for a higher rating. The Orajel transaction is expected to be funded with
