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Acuity Brands Inc. Placed On Watch Negative; Lower-Than-Expected Second-Quarter Results Seen Feb 05
Standard & Poors, Feb 2005
Abstract
NEW YORK (Standard & Poor's) Feb. 22, 2005--Standard & Poor's Ratings Services said today that it placed its ratings on Acuity Brands Inc., including its 'BBB' corporate credit rating, on CreditWatch with negative implications. 'This action was due to the announcement by Acuity that it expects results in the Feb. 28 second quarter of fiscal 2005, to be approximately break-even or perhaps a slight loss before restructuring charges, also announced today. Such results would be considerably below our expectations for the second quarter,' said Standard & Poor's credit analyst John Sico. Atlanta, Ga.-based Acuity Brands Inc. had debt outstanding of about $400 million at fiscal year-end Aug. 31, 2004. The second-quarter shortfall, compared to net income of about $9.5 million...
Companies mentioned in this report are: Acuity Brands Inc.
Action: On CreditWatch:Negative
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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