|
|
 |
|
Viewing report
|
|
|
|
Bulletin: Acuity Brands Inc.'s Specialty Products Business Spin-Off Does Not Affect Ratings Jul 07
Standard & Poors, July 2007
Abstract
NEW YORK (Standard & Poor's) July 24, 2007--Standard & Poor's Ratings Services said today that the announcement by Acuity Brands Inc. (BBB-/Stable/--) that it will spin off its specialty products business will have no immediate impact on the ratings or outlook. Although the planned tax free spin-off of Acuity Specialty Products (ASP) will have a slightly negative impact on the company's existing business risk profile, the remaining $2 billion lighting business operations' capital structure, liquidity, and cash flow generation support a credit profile commensurate for the minimum investment-grade rating. ASP currently accounts for about 25% and 20% of the existing sales and EBITDA, respectively. The outstanding bonds will remain at Acuity, and Acuity Brands Lighting will guarantee all payment obligations...
Companies mentioned in this report are: Acuity 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.
|
|
|
|
