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WP Evenflo outlook cut to stable, corporate credit rating affirmed at B-' - S&P


Published : Tue, 23 Oct 2007 14:23
By : Agencies
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MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said it has downgraded its outlook on WP Evenflo Holdings Inc to stable from positive after the company said it is acquiring Ameda breastfeeding products from Hollister Inc for about 50 mln usd.

The ratings agency, however, affirmed the manufacturer and marketer of specialty and juvenile products' corporate credit rating at 'B-'.

S&P said the transaction is expected to close in early 2008 and will be funded with about 20 mln usd of borrowings under the company's 40 mln usd revolving credit facility, and a combination of cash and preferred stock.

TFN.newsdesk@thomson.com

rku/man

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