S&P drops McCormick

Standard & Poor's said it lowered its ratings on McCormick & Co. Inc., including its corporate credit rating to A- from A and commercial paper rating to A-2 from A-1.

The agency said it also removed the ratings from CreditWatch, where it originally placed them on Nov. 14, 2007 with negative implications, following company's announcement that it signed a definitive agreement with Unilever to purchase the assets of Lawry's for $604 million in cash.

The outlook is negative.

S&P said that the ratings downgrade follows the close of acquisition on July 31 and receipt of conditional approval for the acquisition by the Federal Trade Commission.

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