Fitch takes Clorox off watch

Fitch Ratings said it removed from Rating Watch negative and affirmed the Clorox Co.'s ratings. The outlook is stable.

The resolution of the Rating Watch follows Icahn Enterprise LP's recent withdrawal from its ongoing proxy fight with Clorox.

The proxy fight was initiated in July 2011 after Clorox rejected Icahn's two previous offers. Fitch placed the ratings on negative watch on July 21, 2011 following the firm's second offer of $80 per share, given the possibility of a large leveraging transaction. However, on Sept. 23, 2011 Icahn filed with the SEC to withdraw its slate of directors related to the proxy fight, leading to the resolution of the Rating Watch.

Clorox's $1.1 billion revolving credit facility, $456 million in outstanding commercial paper and $2.1 billion in unsecured senior notes are affected by this action.

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