On June 21, 2007, Standard&Poor's Ratings Services revised its outlook on Princeton, N.J.-based Church&Dwight Co. Inc. to positive from stable. At the same time, we affirmed all of our existing ratings on the company, including the 'BB' corporate credit rating. Approximately $907 million of debt was outstanding as of March 31, 2007. The revised outlook is based on the company's continued strong operating performance and improved financial profile. Church&Dwight has reduced debt leverage to below 3x from the mid-3x area following its acquisition of Orange Glo International in August 2006. While the company may make future debt-financed acquisitions to support its growth strategy, we expect debt leverage will be managed on average in the
