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S&P lowers Leggett & Platt
S&P said it lowered the issuer credit rating on Leggett & Platt Inc. by one notch to BBB from BBB+.
The agency also said it lowered the ratings on the company's senior unsecured notes to BBB from BBB+ and affirmed its A-2 short-term rating.
The downgrades follow news that Leggett & Platt has closed on its purchase of Elite Comfort Solutions for $1.25 billion.
The company funded the purchase price with a new $500 million term loan and commercial paper, S&P said.
The ratings reflect the potential that the agency could lower the rating on the company by one notch over the next 12- to 24-months if it does not improve its FFO-to-debt and leverage ratios, the agency said.
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