S&P rates Spectrum Brands notes B+

S&P said it assigned a B+ issue-level rating and 3 recovery rating to Spectrum Brands Inc.’s proposed $300 million senior unsecured notes due 2029. The 3 recovery rating denotes S&P’s expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default.

“We view the transaction as leverage neutral. We expect the company will use the net proceeds from the proposed issuance for working capital and other general corporate purposes,” the agency said in a press release.

All of Spectrum’s other ratings are unchanged, S&P said.

The outlook is stable.

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