The ratings on Princeton, N.J.-based Church&Dwight Co. Inc. incorporate the company's diversified product portfolio and its established consumer brands, including Arm&Hammer, Trojan, OxiClean, First Response, Nair and Orajel; the company's stable operating performance; good free cash flow generation; and improving credit measures. Church and Dwight's participation in the highly competitive personal care segment of the consumer products industry, its lack of significant international geographic diversity, and its somewhat aggressive acquisition strategy offset the positive factors. Although the company's leading brands (such as Arm&Hammer) are growing, Church and Dwight competes with much larger companies, including Procter&Gamble Co. (AA-/Stable/A-1+) and Colgate-Palmolive Co. (AA-/Stable/A-1+), those of which have much greater resources to promote and market
