S&P: American Achievement on developing watch

Standard & Poor's said it placed its ratings for American Achievement Corp., including the B corporate credit rating, on CreditWatch with developing implications.

"Developing" indications mean that the ratings may be raised, lowered, or affirmed upon resolution of the CreditWatch placement, the agency said.

S&P noted that the CreditWatch listing follows the company's announcement on May 16, 2008 that the holders of the equity securities of American Achievement Group Holding Corp. have agreed to sell all of their equity interests to privately owned Herff Jones Inc.

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