S&P rates Church & Dwight notes BBB

Standard & Poor's said it assigned a BBB senior unsecured debt rating to Church & Dwight Co. Inc.'s proposed $400 million notes due 2022.

The proceeds, in combination with commercial-paper borrowings, will be used to finance the acquisition of Avid Health Inc.

The company's BBB long-term and A-2 short-term corporate credit ratings are unchanged.

The outlook is positive.

Its financial risk is considered intermediate and incorporates the assumption that its credit ratios will weaken over time, S&P said.

The company's business risk is satisfactory, considering its diverse product portfolio within the household and personal care sector, its established consumer brands and market share gains that partly associate with a sizable mix of value offerings, the agency said.

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