The ratings on Dallas, Texas-based Kimberly-Clark Corp. a global manufacturer and marketer of household and personal care products, 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. Revenues rose 7% in the 12 months ended March 31, 2004, benefiting from volume gains and favorable foreign exchange rates. Margin pressure has resulted from lower pricing and
