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Acuity Brands Inc. Outlook Revised to Negative From Stable Feb 03
Standard & Poors, Feb 2003
Abstract
NEW YORK (Standard & Poor's) Feb. 10, 2003--Standard & Poor's Ratings Services said today it affirmed its 'BBB' corporate credit rating on Acuity Brands Inc. but revised the ratings outlook to negative from stable. Total outstanding debt is about $540 million. 'The outlook revision reflects the potential delay in Acuity Brands' ability to restore the financial profile through the generation of credit measures commensurate with the existing ratings,' said Standard & Poor's credit analyst Dan DiSenso. At the time of the spin-off of National Service Industries Inc. from the company in November 2001, Standard & Poor's had expected cash flow and leverage measures to strengthen to satisfactory levels over the intermediate term, with debt to capital falling to the 40%-50%...
Companies mentioned in this report are: Acuity Brands Inc.
Action: Affirmed
Action: Outlook: 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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