The ratings on Dallas-based Kimberly-Clark Corp., a global manufacturer and marketer of household and personal care products, reflects its strong business profile, solid cash flow generation, and our expectation that the company will maintain a modest financial risk profile. The company 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 (Kimberly-Clark, KleenGuard, Safeskin, Ballard). The diversity and strength of its product portfolio should provide Kimberly-Clark with a fairly consistent stream of earnings and cash flow. However, the company's exposure to volatility of commodity and energy costs over the past several years is an offsetting risk factor. Operating performance improved in the first half of 2010.
