S&P: Visant unchanged

Standard & Poor's said its ratings and outlook on Visant Holding Corp. (B+/stable) are not affected by the company's announcement that it has entered into a definitive agreement to sell Von Hoffman to R.R. Donnelley & Sons Co. (BBB+/stable/A-2), for $413 million in cash.

The acquisition is expected to close by the end of the first quarter of 2007, S&P said, noting that despite the potential for leverage to improve from the high-5x area at September 2006, the agency said it expects Visant to pursue an aggressive financial policy using debt to finance the its growth over the intermediate term.

As a result, the company's consolidated credit measures are expected to be in line with the current ratings over the longer term, the agency added.

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