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S&P may up Spectrum Brands
Standard & Poor's said it placed Spectrum Brands Inc.'s CCC+ long-term corporate credit rating on CreditWatch with positive implications.
The action follows the company's announcement that it signed a definitive agreement with Salton Inc. and its wholly owned subsidiary Applica Pet Products LLC to sell Spectrum's global pet business for $915 million, or at a 10 times EBITDA multiple.
The agency said it expects the sale to improve the company's leverage to about 8 times from mid-8 times and enhance financial flexibility.
Spectrum also has improved operating performance and liquidity over the past several quarters, S&P said.
The sale of Spectrum's pet business, however, will result in a less diversified business portfolio, the agency noted.
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