S&P lowers Radio Systems

Standard & Poor's said it lowered the corporate credit rating on Radio Systems Corp. to B- from B.

The outlook is stable.

The agency also said it lowered to B from B+ the rating on its $225 million senior secured facility, which includes a $75 million revolving credit facility due 2015 and $150 million term loan due 2015.

The recovery rating remains 2, indicating 70% to 90% expected recovery in a default.

The company will have less than 10% cushion on its fixed charges covenant through early 2012, S&P said.

The ratings reflect a belief the company will continue to have a highly leveraged financial profile and vulnerable business risk profile, the agency said.

The company continues to have a narrow product focus in the highly competitive pet supplies industry, S&P said.

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