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S&P: SOLA on watch developing
Standard & Poor's said it placed its ratings on SOLA International Inc. on CreditWatch developing in light of the company's anticipated acquisition by Carl Zeiss AG (unrated) and EQT III fund for about $1.1 billion.
On watch are SOLA's BB- corporate credit and senior secured debt ratings and B senior unsecured debt rating.
S&P said the manner in which the transaction is financed and the credit profile and strategy of the new owners will need to be assessed to determine the creditworthiness of the new entity into which SOLA will be absorbed.
The current ratings reflect the company's operating concentration in eyeglass lenses, a well-penetrated, mature and innovative industry that faces challenges from large competitors as well as other forms of vision correction, according to S&P.
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