S&P gives Brunswick notes BB+

Standard & Poor's said it assigned its issue-level and recovery ratings to Brunswick Corp.'s proposed $250 million senior notes due August 2013, adding that the notes were rated BB+, at the same level as the BB+ corporate credit rating on the company, with a recovery rating of 4, indicating its expectation of average recovery in the event of a payment default.

The company expects to use proceeds to pay off its floating-rate notes maturing in July 2009, the agency said, adding that the notes will be senior unsecured obligations of the company and will rank pari passu with all present and future senior unsecured indebtedness.

According to S&P, the long-term corporate credit rating on Brunswick is BB+ and the rating outlook is stable.

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