Moody’s applies A2 to Kimberly-Clark notes

Moody's Investors Service said it assigned an A2 rating to proposed $500 million of 30-year senior unsecured notes being offered by Kimberly-Clark Corp.

The outlook is stable.

Net proceeds will be used primarily to refinance outstanding commercial paper. The company had $525 million in commercial paper outstanding as of June 30. The company's next significant near-term maturity of long-term debt occurs on Aug. 1, 2017, when $950 million of 6.125% senior unsecured notes are due.

Moody’s said the A2 senior unsecured and Prime-1 short-term debt ratings reflect Kimberly-Clark's large global scale and strong market position in paper, health and hygiene related consumer products. The ratings also reflect the company's strong operating cash flow and senior management's public commitment to the single-A rating category, the agency added.

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