S&P Cuts Clorox Rating

The bleach maker was lowered two notches to A- as it boosts leverage to fund a big stock buyback

On Oct. 7, Standard & Poor's Ratings Services lowered its long-term corporate credit ratings on Clorox (CLX ) to 'A-' from 'A+' and its and short-term rating to 'A-2' from 'A-1'. The ratings outlook for the Oakland, Calif.-based consumer products compamy is negative. The downgrade affects approximately $764 million of currently funded debt.

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