Fitch rates Clorox notes BBB+

Fitch Ratings said it assigned a BBB+ rating to Clorox Co.'s new $300 million of 10-year senior notes. The agency maintains a BBB+ issuer default rating and F2 short-term issuer default rating on the company and rates its bank facility and senior notes at BBB+ and its commercial paper program at F2. The outlook is stable.

Proceeds will be used to pay down outstanding commercial paper balances.

The agency said Clorox's ratings are predicated on its low business risk, big-share brands in mid-sized categories, strong credit protection measures and ample liquidity. Leverage has improved to 2.3 times for the last 12 months ended Sept. 30 from 3.1 times at June 30, 2008.

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