By The Associated Press
Monday, November 23, 2009
Moody's Investors Service on Monday affirmed ratings on the debt of Procter & Gamble Co. and revised its outlook to "stable" from "negative."
Moody's said its upward revision reflects the resiliency of the company's operating and financial metrics despite the weak economy and slower organic growth. The agency said P&G's brand portfolio has good growth potential in both developed and developing markets, a key strength.
"P&G's ratings will continue to be supported by its very strong consumer product brands, with broad product and geographic diversity, significant brand equity and leading market shares in multiple product categories, as well as a demonstrated track record of ongoing product innovation," Moody's Senior Credit Officer Janice Hofferber said in a statement.
Moody's affirmed a Aa3 rating, characterized as high-grade high-quality, on P&G's long-term senior unsecured debt.
Shares of Procter & Gamble, based in Cincinnati, rose 93 cents to close Monday at $62.73.