S&P: Church & Dwight unchanged

Standard & Poor's said the BBB and A-2 ratings on Church & Dwight Co. Inc. are currently not affected by the company's disclosure that its chief executive officer violated company policy by deleting emails despite instructions to preserve information that may be relevant to a competitor lawsuit and Federal Trade Commission investigation.

The stable outlook is unchanged.

The company stated that it does not believe its CEO deleted the emails with the intent to impede, impair or obstruct the FTC investigation or the related competitor litigation, S&P said, and that it was able to retrieve substantially all of the deleted emails.

Securities Exchange Commission filings indicates the competitor lawsuit seeks damages of $2.6 million to $3.1 million before trebling, the agency said.

However, it is possible that the FTC investigation could impede the company by mandating unfavorable changes to its sales and market practices with respect to its profitable Trojan condom offering, S&P added.

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