Despite continued global economic headwinds, we expect that U.S.-based Colgate-Palmolive's productivity and growth initiatives should drive modest profit growth, resulting in steady free cash flow and stable credit ratios. As a result, we are affirming all of our ratings on the global household and personal-care products company, including the 'AA-' long-term corporate credit rating and 'A-1+' short-term commercial paper credit rating. The stable outlook reflects our belief that Colgate will maintain steady profit growth and solid credit measures as it leverages productivity savings to increase investment in innovation and marketing. On Oct. 6, 2017, S&P Global Ratings affirmed all of its ratings on New York-based Colgate-Palmolive Co., including the 'AA-' long-term and 'A-1+' short-term corporate credit ratings. The outlook remains
