Fitch: Kimberly-Clark notes A

Fitch Ratings said it assigned an A rating to Kimberly-Clark Corp.'s new three- and 10-year notes senior unsecured notes totaling $800 million.

The proceeds will be used for general corporate purposes and to refinance $550 million in two senior unsecured notes that mature this year, Fitch said.

On a pro forma basis leverage is less than 2x and within expectations, the agency said.

The company also has a long-term issuer default rating of A, short-term issuer default rating of F1, along with an F1 rating on its $2 billion commercial-paper program, A rating on its $2 billion revolving credit facility and A rating on its senior unsecured notes and debentures.

The ratings reflect the company’s scale, leadership in a stable sector and strong liquidity, Fitch said.

The agency said that the company’s management has publicly stated its commitment to operating within the A category.

Historically, the company has shown restraint when needed on discretionary activities like share repurchases when its cash flows experienced pressure, Fitch said.

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