S&P downgrades Spectrum

Standard & Poor's said it lowered the corporate credit rating on Spectrum Brands Inc. to D from CCC+ and its senior secured bank loan and subordinated debt notes to D from B- and CCC-, respectively.

"The rating actions stem from the Feb. 3, 2009 announcement that Spectrum Brands and its U.S. subsidiaries filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division," S&P analyst Susan H said in a statement.

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