S&P rates Spectrum add-on loan BB-

S&P said it gave BB- issue-level and 1 recovery ratings to Spectrum Brands Holdings Inc.’s $500 million nonfungible revolver add-on. The recovery rating is 1, indicating very high (90%-100%; rounded estimate: 95%) recovery in default.

Concurrently, the agency said it affirmed Spectrum’s ratings, including the B issuer credit rating, and removed them from CreditWatch, where it placed them on Sept. 10, with positive implications, due to the uncertainty surrounding several of management's announcements, financial policy and continued difficult macroeconomic conditions.

The outlook is stable.

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