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S&P: Kellwood still on watch
Standard & Poor's said Kellwood Co. (BB-) would remain on CreditWatch with negative implications until the completion of Sun Capital Securities LLC's tender offer to Kellwood's shareholders.
The update follows Kellwood's Feb. 10 merger agreement with Cardinal Group Integrated Inc., an affiliate of Sun Capital, and Kellwood's termination of its cash tender offer for up to $60 million of its 7 7/8% senior notes due 2009.
According to S&P, ratings were placed on watch on Sept. 19 following the unsolicited bid from Sun Capital. Ratings were subsequently lowered on Oct. 17 and maintained on watch, reflecting weak underlying business trends and the tougher operating environment at retail, as well as weakening credit protection measures.
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