S&P rates Applica loans BB

Standard & Poor's said it assigned a B+ corporate credit rating to Applica Pet Products LLC and a BB rating and 1 recovery rating to its five-year $25 million revolving credit facility and $300 million term loan.

The outlook is stable.

Proceeds will help finance parent Salton Inc.'s acquisition of United Pet Group from Spectrum Brands Inc. (CCC+/Watch positive) for $915 million.

"The stable outlook reflects our expectation that the company will maintain its market positions and improve operations and credit measures," S&P analyst Susan H. Ding said in a written statement.

Consolidated leverage is expected to be at about 5 times and adequate for the current rating, S&P said.

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