S&P might cut Robertshaw

S&P said it placed the B corporate credit rating on Robertshaw Holdings Sarl on CreditWatch with negative implications.

At the same time, the agency placed all of the issue-level ratings on the secured debt held by Robertshaw's financing subsidiary Robertshaw U.S. Holding Corp. on CreditWatch with negative implications.

S&P said the CreditWatch negative placement follows One Rock Capital Partners LLC's announcement that it has signed a definitive agreement to acquire Robertshaw from the company's current equity sponsor Sun Capital Partners.

“We expect that Robertshaw's debt will be refinanced as part of the transaction, though the magnitude of any eventual changes to the company's capital structure remain uncertain at this time,” the agency said in a news release.

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