Fitch affirms Kimberly-Clark

Fitch Ratings said it affirmed the A foreign-currency and local-currency issuer default ratings of Kimberly-Clark de Mexico, SAB de CV.

Fitch also affirmed the company's long-term national rating at AAA(mex), Ps. 1.25 billion unsecured CBs due 2013 at AAA(mex), Ps. 2.3 billion unsecured CBs due 2014 at AAA(mex), Ps. 1.5 billion unsecured CBs due 2015 at AAA(mex), Ps. 800 million unsecured CBs due 2016 at AAA(mex), Ps. 2.5 billion unsecured CBs due 2017 at AAA(mex), Ps. 400 million unsecured CBs due 2019 at AAA(mex) and Ps. 2.5 billion unsecured CBs due 2020 at AAA(mex).

The outlook is stable.

The ratings reflect the company's leading market position, strong cash flow generation, low leverage and solid liquidity, Fitch said.

The foreign-currency issuer default rating above Mexico's A- country ceiling is due to the company's strong capital structure and liquidity position, proven debt-payment track record and implicit support from Kimberly-Clark Corp., the agency said.

The stable outlook reflects the company's solid business position and its capacity to maintain a conservative capital structure due to its consistent generation of sizable cash flow from operations, Fitch said.

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