Fitch puts Spectrum on positive watch

Fitch Ratings said it placed the BB long-term issuer default rating at both Spectrum Brands, Inc. and SB/RH Holdings, LLC on positive watch.

The positive watch follows the planned sale of the company's hardware and home improvement business, which represents around 40% of EBITDA, and the expectations that gross leverage could trend in the mid-2x range following the sale, based on the company's updated financial policy, the agency said.

Fitch said it aims to resolve the positive watch upon the conclusion of the sale process and could upgrade Spectrum's IDR to BB+.

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