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 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, Depends), 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 5% in fiscal 2004, benefiting from volume gains and favorable foreign exchange rates. Margins have been affected by lower pricing, and the company's increased brand support to
