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Acuity Brands Inc. Ratings Lowered, Removed From CreditWatch Negative May 05
Standard & Poors, May 2005
Abstract
NEW YORK (Standard & Poor's) May 13, 2005--Standard & Poor's Ratings Services lowered its corporate credit and senior unsecured debt ratings on Acuity Brands Inc. to 'BBB-' from 'BBB'. All ratings are removed from CreditWatch with negative implications, where they were placed on Feb. 22, 2005. The outlook is stable. The ratings action is due to the company's weaker-than-expected operating performance and its failure to achieve credit metrics expected for the rating. The business has not met expectations in the more competitive industry operating environment, and Acuity has limited operating flexibility attributable to pricing pressures and weaker margins than anticipated. Acuity has approximately $350 million in rated debt. 'The ratings on Acuity Brands Inc. reflect the Atlanta, Ga.-based company's satisfactory...
Companies mentioned in this report are: Acuity Brands Inc.
Action: Downgraded
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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