Our 'BBB+' rating on Church&Dwight Co. Inc. (C&D) is derived from: Our anchor of 'a-', based on our "satisfactory" business risk and "minimal" financial risk profile assessments. One notch unfavorable adjustment based on potential financial policy actions. We believe the company could make a large debt-financed acquisition that meaningfully deteriorates credit measures compared to our base forecast. Portfolio of well-recognized, market-leading household and personal care brands. Good mix of value and premium products. Strong and consistent profitability. Successful acquisition track record. Some products compete with brands owned by large global consumer product companies with significant financial resources. Limited geographical diversity outside of North America and some concentration within the laundry segment. Some exposure to commodity cost volatility. Historically
