The ratings on Dallas, Texas-based Kimberly-Clark Corp. reflect its well above-average business profile, softer yet still strong operating margins, and the expectation that the company will maintain a moderate financial profile. Kimberly-Clark has leading market shares in a number of core categories, including personal care (Huggies, Pull-Ups, Depend), consumer tissue (Kleenex, Scott, Cottonelle), and business-to-business products (Safeskin, Ballard). The diversification and strength of Kimberly-Clark's product portfolio should provide the company with a solid and consistent stream of future earnings and cash flow. Kimberly-Clark lowered its 6%-8% sales volume growth target to 3%-5% for fiscal 2003 given the challenging operating environment. In fact, while revenues rose 4.1% for the nine months ended Sept. 30, 2003, compared to the same period in
