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S&P: Goodman Global on positive watch
Standard & Poor's said it placed its ratings, including the B+ corporate credit rating on Goodman Global Inc. on CreditWatch with positive implications.
"The CreditWatch placement follows the announcement of the agreement that Daikin Industries Ltd. will acquire Goodman Global Inc., pending regulatory approvals, for approximately $3.7 billion - approximately ¥300 billion," said S&P credit analyst Thomas J. Nadramia in a news release.
The agency said it expects the purchase to trigger change of control provisions and, as a result, S&P said all of Goodman Global's existing rated bank debt is likely to be repaid or refinanced.
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