The ratings on Church&Dwight Co. Inc. (CHD) reflect Standard&Poor's Ratings Services' view of its "satisfactory" business risk profile that incorporates the company's diverse product portfolio within the household and personal care sector. It also reflects our view of CHD's established consumer brands and the market share gains that we partly associate with a sizable mix of value offerings. Factors that partly offset these positive factors include: CHD's participation in the highly competitive household and personal care segment of the consumer products industry; its significantly smaller size compared with peers--including Procter&Gamble, Unilever, and Reckitt Benckiser; its limited geographic diversity; and its exposure to volatile commodity costs. CHD's "intermediate" financial risk profile incorporates our expectation that
