Moody’s rates Church & Dwight notes Baa1

Moody's Investors Service said it assigned a Baa1 rating to Church & Dwight Co., Inc.'s $300 million senior unsecured notes issuance.

Net proceeds will be used for general corporate purposes, including paying down outstanding commercial paper.

All other ratings remain unchanged and the outlook is stable.

Moody’s said the Baa1 senior unsecured and Prime-2 short-term ratings reflect Church & Dwight’s stable operating performance and cash flow supported by good reinvestment flexibility in and broad distribution of its branded portfolio of premium and value-oriented consumer products.

The company has modest scale relative to competitors in some key product categories such as laundry detergent, household cleaners and oral care products. Product and geographic diversity (83% of 2013 revenue generated in the U.S.) are improving but are weaker than higher rated peers, the agency said.

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