S&P: Clorox unchanged

Standard & Poor's said the BBB+ and A-2 ratings and stable outlook on Clorox Co. remain unchanged following news of the company's non-cash goodwill impairment charge related to its Burt's Bee acquisition.

The company also adjusted guidance downward for its fiscal year ending June 2011, as a result of softness in some of its product categories, and higher levels of trade spending than originally anticipated, S&P said.

The company now expects full year 2011 revenues to be flat to 1% growth, compared to the previous guidance flat to 2% growth, the agency said.

Nevertheless, S&P said it expects that the company will maintain credit measures close to current levels, with total debt/EBITDA in the 2.5x range.

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