MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said the
announcement by lighting equipment company Acuity Brands Inc that it will spin
off its specialty products business will have no immediate impact on its ratings
or outlook.
The ratings agency has a 'BBB-' rating on the company with a stable outlook.
Although the planned tax free spin-off of Acuity Specialty Products will
have a slightly negative impact on the company's existing business risk profile,
the remaining 2 bln usd lighting business operations' capital structure,
liquidity, and cash flow generation support a credit profile commensurate for
the minimum investment-grade rating, S&P said.
Acuity Specialty Products currently accounts for about 25 pct and 20 pct of
the existing sales and EBITDA, respectively.
TFN.newsdesk@thomson.com
apm/man
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