S&P gives Church & Dwight loan BB

Standard & Poor's said it assigned its loan and recovery ratings to Church & Dwight Co. Inc.'s $250 million senior secured debt due 2012.

The loan was rated BB, at the same level as the corporate credit rating on Church & Dwight, with a recovery rating of 2, the agency said.

At the same time, S&P said it lowered its ratings on the company's existing senior secured bank debt and removed them from CreditWatch.

The loan rating was lowered to BB from BB+ and the recovery rating was revised to 2 from 1, S&P noted, adding that the corporate credit rating on Church & Dwight is BB and the outlook is stable.

"The rating reflects the company's participation in the highly competitive personal care segment of the consumer products industry, its lack of geographic diversity and its moderately leveraged balance sheet," said S&P credit analyst Patrick Jeffrey.

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