The ratings on New York City-based Colgate-Palmolive Co. reflect Standard&Poor's Ratings Services' view that the company will maintain an "excellent" business risk profile based on its diversified portfolio of consumer brands, strong market share positions, resiliency of its oral care products to economic cycles, and its extensive international presence. We view the company's financial risk profile as "modest" based on its solid cash flow generation, strong credit protection measures, and conservative financial policy, which we assume will continue. We also project Colgate-Palmolive's steady and predictable operating performance will continue over the next two years. Standard&Poor's forecasts 2013 GDP growth of 2.3% in the U.S., 8.2% in China, 3.5% in Latin America, and stagnant growth in the
