S&P: American Achievement on positive watch

Standard & Poor's said it placed American Achievement's B- corporate credit rating and issue-level ratings on CreditWatch with positive implications.

The action follows news that Visant entered into an agreement to acquire American Achievement in a predominantly debt-financed acquisition valued at $486 million.

American Achievement is about one-fourth the size of Visant, based on EBITDA, S&P said. The acquisition will likely improve American Achievement's business risk profile, the agency added.

However, the transaction is subject to regulatory review, S&P said.

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