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S&P cuts, pulls W.R. Grace
S&P said it lowered its issuer credit rating on W.R. Grace & Co. to B from BB, following the company's acquisition by Standard Industries. The agency also removed the rating from CreditWatch, where it was placed with negative implications on April 27.
S&P also cut the remaining portion, considered negligible, of unsecured notes issued by W.R. Grace & Co.-Conn., which were not exchanged as part of the company's recent exchange offer to CCC+ from BB-, and removed them from negative watch. The recovery rating on this debt is 6.
The agency said it withdrew the ratings since W.R. Grace & Co. is now a wholly owned unit of rated-parent W.R. Grace Holdings LLC.
The outlook is stable.
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