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S&P cuts Spectrum Brands
Standard & Poor's said it lowered all of its ratings on Spectrum Brands Inc., including its corporate credit rating to B- from B.
At the same time, the ratings were placed on CreditWatch with negative implications.
Affected ratings include the company's senior secured bank loan, lowered to B- from B and senior subordinated debt, dropped to CCC from CCC+.
The downgrade and CreditWatch placement follow the company's announcement that it is substantially lowering its earnings guidance for the second quarter of fiscal 2006 due to continued operating challenges in its battery segment and increasing commodity costs, the agency noted, adding that this represents the company's third earnings guidance revision since September 2005.
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