S&P lowers Briggs & Stratton

Standard & Poor's said it lowered its corporate credit rating on Briggs & Stratton Corp. to BB- from BB+.

The agency said it also lowered the issue-level rating on the company's $275 million unsecured notes due 2011 to BB- from BB+, and retained a recovery rating of 3, indicating expectations for meaningful recovery in the event of a payment default.

S&P noted that it removed all of the company's ratings from Creditwatch, where we placed them with negative implications on Sept. 18, reflecting its weaker-than-expected credit measures.

The outlook is stable.

According to the agency, the downgrade reflects Briggs & Stratton's weakened financial performance as a result of lower sales volumes in the company's key engine segment, and credit measures that remain below its expectations for a BB+ credit.

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