Procter & Gamble had its financial rating upgraded by Moody’s from ‘negative’ to ‘stable’ today on the strength of its business prospects.
Moody’s senior analyst Janice Hofferber filed an analyst note published by Market Watch, suggesting that the consumer goods giant is finally turning the corner after a tough year.
Hofferber said that the upgrade had been implemented because of P&G’s “very strong consumer 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,”
P&G recently posted first quarter sales that were ahead of expectations, at $19.8bn. Although this figure was down six percent on the corresponding period last year, it was largely impacted by unfavorable currency translations.