Gillette’s rating lowered by S&Poor

EAST BOSTON — Standard & Poor reduced its rating of Gillette Co.’s credit
rating to AA- from AA. The reduction was based on reduced sales of Duracell Batteries,
the company’s second largest source of sales and weakening foreign currencies,
S&P announced. Although Gillette reported $4.1 billion in debt as of March
1, S&P described the company’s credit rating outlook as stable. The world’s
largest safety razor manufacturer reported a 30 percent drop in sales at the end
of the first quarter, its biggest decline in 10 years, Bloomberg News reported.