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S&P puts W.R. Grace on watch
S&P said it placed all its W.R. Grace & Co. ratings, including the BB issuer credit rating, on CreditWatch with negative implications.
The CreditWatch placement follows the announcement that Standard Industries Holdings will acquire W.R. Grace for about $7 billion, the agency said.
“We believe this transaction could potentially be leveraging in nature. Our CreditWatch listing indicates that we could lower our issuer credit rating on Grace upon the close of the transaction,” S&P said in a press release.
The agency said it aims to resolve the CreditWatch when additional information on the debt structure is available or after the completion of the transaction.
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