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S&PCORRECT: AGCO Corp. Ratings Placed on CreditWatch Negative Nov 00 Product Image

S&PCORRECT: AGCO Corp. Ratings Placed on CreditWatch Negative Nov 00

  • ID: 2085723
  • November 2000
  • Standard & Poors

Abstract
(Editor's note: In the press release published earlier today, AGCO's EBITDA interest coverage was misstated. A corrected version follows.) NEW YORK (Standard & Poor's CreditWire) Nov. 20, 2000-Standard & Poor's today placed it ratings for AGCO Corp. on CreditWatch with negative implications, affecting about $250 million of long-term debt securities. The CreditWatch listings follow an announcement that AGCO entered into an agreement to acquire Ag-Chem Equipment Co. Inc. for cash and stock valued at $25.80 per common share, or about $247 million, and about $45 million of assumed debt. The purchase price represents a premium of nearly 125% based on Ag-Chem's closing price on Nov. 17, 2000. AG-Chem, a maker of agricultural equipment used to apply fertilizer and chemicals to...

Companies mentioned in this report are: AGCO Corp.
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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