Fitch puts W. R. Grace on watch

Fitch Ratings said it placed W. R. Grace & Co.’s and W. R. Grace & Co. - Conn's BB+ long-term issuer default ratings on rating watch negative following the announcement of its pending acquisition by Standard Industries Holdings Inc., a privately owned global industrial company. The agency also affirmed W. R. Grace & Co. - Conn's BB+/RR4 unsecured ratings and the BBB-/RR1 ratings on the secured debt.

“The negative watch reflects the uncertainty regarding the final structure of the transaction, including the long-term capital structure and the strength of the linkages between W. R. Grace, their new owners, and other portfolio companies. Fitch anticipates that the transaction will be finalized by year-end, at which point Fitch intends to resolve the rating watch,” the agency said in a press release.

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