Moody's says Kimberly-Clark's planned health care spin-off is credit negative, but ratings not affected

New York, November 15, 2013 -- Moody's Investors Service said Kimberly-Clark Corporation's (KMB) announcement that its board authorized management to pursue a tax-free spin-off of its healthcare business will result in a credit negative loss of business diversity and cash flow. KMB's A2 senior unsecured and Prime-1 commercial paper ratings are nevertheless unaffected as the reduced cash flow is modest and Moody's expects that credit metrics will remain within the expectations for the rating. For further information, please see the issuer comment posted to www.moodys.com.

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