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BULLETIN: Walter Industries Inc. Ratings Unaffected By Planned Mueller IPO, Spin-Off Oct 05
Standard & Poors, Oct 2005
Abstract
NEW YORK (Standard & Poor's) Oct. 21, 2005--Walter Industries Inc.'s (B+/Stable/--) announcement that it will undertake an IPO and spin-off of its water products business, also known as Mueller Water Products LLC (B+/Negative/--), has no immediate impact on Standard & Poor's Ratings Services' ratings on either entity. Walter is planning to execute the IPO in early 2006 and the subsequent spin-off of Mueller later next year. Based on the information the company has provided publicly, we are not assuming that the transaction will have a cash impact on either Walter or Mueller. Furthermore, should the transactions take place as described, we currently do not foresee the ratings or outlooks being changed solely because of the further delinking of these operations....
Companies mentioned in this report are: Walter Energy 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.
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