U.S.-based Kimberly-Clark Corp.'s credit ratios are expected to temporarily weaken--including leverage around 2.4x--due to global restructuring charges, inflation, currency volatility, and tough competition. We are affirming all of our ratings on the personal care and tissue company, including our 'A/A-1' long- and short-term issuer credit ratings, because we expect restructuring efforts and recent price increases will restore profitability, including an adjusted EBITDA margin above 23% over the next 18 months. The stable outlook reflects our view that the company will sustain adjusted leverage (excluding global restructuring charges) at or below 2x. The rating affirmation reflects our expectation that the global restructuring program announced this year will improve Kimberly-Clark's cost structure. This should enhance the company's ability to invest in product
