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S&P downgrades Grainger
Standard & Poor's said it lowered the long-term corporate credit rating on W.W. Grainger Inc. to AA- from AA.
The agency also said it affirmed the company’s A-1+ short-term rating and lowered its senior unsecured rating to AA- from AA.
The outlook is stable.
The downgrades follow news that W.W. Grainger entered into a definitive agreement to acquire Cromwell Group (Holdings) Ltd. for about $482 million in cash, S&P said.
The transaction should be completed in early September.
The stable outlook reflects an expectation that W. W. Grainger will maintain a FFO-to-debt ratio of about 45%, the agency said.
As the company integrates Cromwell and completes its planned share-repurchase program, S&P said it expects it to adhere to a financial policy that maintains its leverage at this level.
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