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Acuity Brands Inc.'s $100 Million Secured Term Loan Rated 'BBB', Ratings Affirmed May 02
Standard & Poors, May 2002
Abstract
NEW YORK (Standard & Poor's) May 16, 2002--Standard & Poor's said today that it assigned its triple-'B' rating to Acuity Brands Inc.'s new $100 million, five-year secured term loan which is an add-on the company's current bank credit facility. Proceeds will be used to reduce indebtedness under the firm's 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. Total outstanding debt at Feb. 28, 2002, was around $608 million. 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. For the first...
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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