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Acuity Brands Inc.'s $205 Million Senior Unsecured Bank Facility Rated 'BBB', Ratings Affirmed Apr 02
Standard & Poors, April 2002
Abstract
NEW YORK (Standard & Poor's) April 17, 2002--Standard & Poor's said today that it assigned a triple-'B' rating to Acuity Brands Inc.'s $205 million senior unsecured bank revolving credit facility. At the same time, Standard & Poor's affirmed its triple-'B' corporate credit rating on Atlanta, Ga.-based Acuity Brands, a leading domestic manufacturer of lighting fixtures and cleaning chemicals. The outlook is stable. 'The ratings reflect Acuity Brands' solid business positions and temporarily sub-par financial profile,' said Standard & Poor's credit analyst Dan DiSenso. The balance sheet is stretched, with total debt to capital at Feb. 28, 2002, standing at 62%, and cash flow protection is sub-par. However, debt usage is expected to diminish during the next two years. Management is...
Companies mentioned in this report are: Acuity Brands Inc.
Action: New Rating
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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