The ratings on Dallas, Texas-based Kimberly-Clark Corp., a global manufacturer and marketer of household and personal care products, reflect its excellent business profile; softer, yet still strong, operating margins; and the expectation the company will maintain a minimal 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 5.4% for 2005, benefiting from volume gains, favorable foreign exchange rates, and some price increases. However, higher raw material costs ($400 million increase in fiscal 2005), and
