The corporate credit rating on Kimberly-Clark Corp., a global manufacturer and marketer of household and personal care products, reflects its strong business profile; strong free cash flow generation; and our expectation that the company will maintain a modest financial risk 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 diversity and strength of its product portfolio should provide the company with a solid and consistent stream of future earnings and cash flow. Revenues rose about 10% for the 12 months ended June 30, 2008, benefiting from volume gains, favorable foreign exchange rates, and price increases. However, higher raw material and
