S&P: National Waterworks still on positive watch

Standard & Poor's said its ratings on National Waterworks Inc. (NWI) remain on CreditWatch with positive implications, where they were placed on April 6, including its B+ senior secured debt and corporate credit ratings and B- subordinated debt rating.

Home Depot Inc. (AA/stable/A-1+) announced that it has entered into an agreement to acquire NWI.

The agency said NWI should benefit from Home Depot's financial flexibility and industrial customer base.

When the transaction closes, which is expected to occur in August, S&P said it will give NWI the same ratings as Home Depot, should NWI's debt remain outstanding. If the debt is called, then the agency said it will withdraw our ratings on the company.

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