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 continue to view the company's financial risk profile as "modest," based on the company's solid generation of cash flow and strong credit protection measures as a result of its conservative financial policy. We believe Colgate-Palmolive's operating performance will remain consistently good over the next two years. Our specific forecast assumptions include the following: We expect mid-single-digit annual overall sales growth, split between price increases and volume growth. We
