Fitch rates Clorox notes BBB

Fitch Ratings said it assigned a BBB rating to Clorox Co.'s $500 million 5% senior unsecured note due March 1, 2013.

Clorox has an issuer default rating at BBB, short-term issuer default rating at F2, commercial paper F2, senior unsecured debt at BBB and $1.3 billion revolving credit facility at BBB.

The outlook is stable.

Proceeds will be used to retire commercial paper.

Ratings reflect the issuer's strong business profile and strategic positioning, balanced against its more aggressive financial policies including the willingness to operate at higher leverage, the agency said.

The issuer's debt-to-EBITDA ratio rose with last years Burt's Bees acquisition and accelerated share repurchase to 3.42 times.

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