S&P: Spectrum Brands Inc.'s 375 Million Euro Notes Assigned 'BB-' Rating (Recovery: '4')
All of our existing ratings on the company, including our 'BB-' corporate credit rating, are unchanged. The outlook is stable.
Our ratings on Spectrum Brands incorporate the company's good product diversity, its modest scale, operating leverage, and profitability; and its position as a provider of lower-priced products, which possess less pricing power than premium priced competition; however, they tend to perform relatively well in sluggish economic environments. Our ratings also recognize the company's participation in highly competitive, low-growth product categories and its susceptibility to input cost volatility, moderate currency volatility, and some seasonality. The company's home and garden and auto care businesses are susceptible to the effects of extreme weather conditions.
For the complete corporate credit rational, please see the research update on Spectrum Brands Inc. published June 24, 2016 on Global Credit Portal.