S&P assigns BBB- to Brunswick notes

S&P said it assigned its BBB- issue-level rating on CreditWatch with negative implications to Brunswick Corp.'s proposed senior unsecured notes due 2048.

The BBB- issuer credit and issue-level ratings on Brunswick's senior unsecured debt remain on CreditWatch, where S&P placed them on March 5 following the company's announcement that it planned to spin off its fitness business.

The company plans to use proceeds from the proposed debt issuance to refinance its existing $300 million 364-day tranche term loan (unrated), which was temporary bridge financing for the recently closed acquisition of the global marine business of Power Products Holdings LLC, a manufacturer of electrical systems.

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