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S&P cuts Spectrum Brands
S&P said it lowered its corporate credit rating on Spectrum Brands Inc. to B+ from BB-. The outlook is stable.
At the same time, S&P lowered its issue-level rating on the company's senior secured bank debt to BB from BB+, with a recovery rating of 1, indicating an expectation for very high (90%-100%, rounded estimate: 95%) recovery in the event of a payment default.
S&P said it also lowered its issue-level rating on the company's senior unsecured notes to B+ from BB-, with a recovery rating of 4, indicating expectations for average (30%-50%; rounded estimate: 45%) recovery in the event of a payment default.
“The downgrade reflects our diminished view of Spectrum Brands' continuing businesses following the disclosure of material operating inefficiencies that contributed to its 33% organic EBITDA decline in the second quarter ended April 1, 2018,” S&P said in a news release.
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