S&P assigns Actuant notes BB-

Standard & Poor's said it assigned its BB- rating to Actuant Corp.'s proposed $250 million senior unsecured notes due 2017.

The proceeds from the notes will be principally used to repay a portion of borrowings under the company's senior credit facility due 2009, the agency said.

In addition, S&P added that it affirmed its BB corporate credit rating on Actuant.

The outlook is stable.

The proposed notes are rated one notch below the corporate credit rating due to the estimated level of priority obligations in the company's capital structure, the agency said, noting that the ratings on Actuant reflect the company's aggressive financial risk profile, characterized by a somewhat high leverage and an acquisitive growth strategy.

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