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S&P shifts Kimberly-Clark view to negative
S&P said it revised its outlook on Kimberly-Clark Corp. to negative from stable but affirmed the A issuer rating.
“The company increased its 2021 input cost inflation estimate to $1.4 billion-$1.5 billion (from $1.2 billion-$1.3 billion three months ago and $450 million-$600 million to start the year). It specifically cited polymer-based products, pulp, U.S. labor costs, pressures on transportation globally and energy costs as key factors,” the agency said.
S&P noted Kimberly-Clark cut its fiscal 2021 outlook for the second time in three months. “It expects many of these headwinds will continue into 2022, with no clear catalyst in sight for easing,” S&P said.
The outlook reflects the possibility of a lower rating over the next two years if the company cannot strengthen credit ratios in line with S&P’s forecast, including adjusted leverage in the low-2x area, the agency said.
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