Very high brand equity Negligible private label competition in oral care Strong global market share positions A majority of its products are resistant to economic cycles, which results in consistent profitability Substantial geographic diversification Good product innovation Sizable portfolio of consumer products, notwithstanding concentration in the low volatility oral care segment Solid and consistent cash flow generation Conservative financial policy, notwithstanding high shareholder payments Standard&Poor's Ratings Services' stable outlook on Colgate-Palmolive Co. reflects our belief that, although the company's credit ratios are modestly weaker than we had previously forecast (mainly due to unfavorable foreign exchange, slower emerging market growth, and higher debt), we still expect that the company will maintain a conservative financial policy that will support a
