The ratings on Acuity Brands Inc. reflect the company's leading market position in lighting fixtures. Acuity also has an intermediate financial risk profile, which we expect the company to maintain in the medium term. Acuity has a more focused business profile as one of the leading domestic lighting fixture manufacturers following the tax-free spin-off of Acuity Specialty Products in 2007. Its $2 billion lighting business operation has a satisfactory business risk profile and supports a credit profile commensurate with the minimum investment-grade rating. The company has brand-name products and serves a diverse market and customer base. The replacement and retrofit markets account for a sizable portion of the company's sales. These characteristics should enable the company to reduce cyclical exposure...
Companies mentioned in this report are: Acuity Brands Inc.
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