Fitch affirms Kimberly-Clark

Fitch Ratings said it affirmed Kimberly-Clark Corp.'s issuer default rating at A, short-term issuer default rating at F1, commercial paper at F1, $1.5 billion revolving credit facility at A, senior unsecured notes and debentures at A, and dealer remarketable securities at F1 and A.

The outlook is stable.

Ratings reflect the company's strong liquidity, significant scale and leading market shares in a relatively non-cyclical industry, the agency said.

Ratings also consider a long-term trend of EBITDA margin declines, Fitch noted.

The issuer's debt-to-EBITDA ratio grew to 1.84 times mainly due to the company's $2 billion accelerated share repurchased program in July 2007 that was funded primarily with debt.

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