We expect U.S.-based Church&Dwight Co. Inc. (C&D) to continue to make acquisitions. As a result, we expect leverage sustained in the low-2x area. Occasionally, C&D will transact modestly leveraging acquisitions that could increase leverage to the mid- to high-2x area. Given the company's solid cash flow generating capability and history as an effective acquirer, we expect it would deleverage quickly to the low-2x area after making acquisitions. We are affirming our 'BBB+' issuer credit and issue-level ratings, and our 'A-2' short-term issuer credit and commercial paper rating on C&D. The stable outlook reflects our expectation that C&D will continue to grow organic revenues in the low-single-digit percents, generate solid free cash flow, and maintain long-term leverage in the
