S&P may lower Kellwood

Standard & Poor's said it placed Kellwood Co.'s BB long-term corporate credit rating on CreditWatch with negative implications.

The CreditWatch placement follows Kellwood's announcement that it received a nonbinding, unsolicited proposal from Sun Capital Securities Group LLC to acquire Kellwood's outstanding shares at $21.00 per share.

S&P said it believes the deal could add significant debt to the company's already leveraged balance sheet.

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