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Bulletin: Fortune Brands Inc. Ratings And CreditWatch Status Are Unchanged Following Golf Sale Announcement May 11
Standard & Poors, May 2011
Abstract
NEW YORK (Standard & Poor's) May 20, 2011--Standard & Poor's Ratings Services said today that its ratings for Deerfield, Ill.-based Fortune Brands Inc. were unaffected by the company's announcement that it has agreed to sell its golf business to Fila Korea Ltd. for about $1.2 billion in cash. The ratings remain on CreditWatch, where they were placed with negative implications on Dec. 8, 2010. We expect the transaction, which is subject to certain closing conditions, including regulatory approvals, to close this summer. Fortune Brands estimates net proceeds will be approximately $1.1 billion after taxes and expenses, which we believe the company will use to reduce its sizeable debt balances. Fortune Brands also intends to spin-off its home and security business,...
Companies mentioned in this report are: Fortune Brands Inc.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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