S&P cuts Armored Autogroup to negative

Standard & Poor's said it revised its outlook on Armored Autogroup Inc. to negative from stable and affirmed its B- corporate credit rating on the company.

In addition, S&P affirmed the 3 recovery rating on the company's senior secured credit facilities and the B- issue-level rating on these facilities.

S&P also affirmed the 6 recovery rating on the senior unsecured credit facilities and the CCC issue-level rating on these facilities.

S&P said the outlook revision to negative reflects its revised forecast for lower profits and credit metrics. This is due to the company's poor operating performance following its investment in transitioning to a stand-alone business from a subsidiary of Clorox Co. since its leveraged buyout by Avista Capital Partners in November 2010.

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