S&P: Erico on watch

Standard & Poor's said it placed its ratings on Erico International Corp., including its BB- corporate credit rating, on CreditWatch with negative implications.

The agency said that the CreditWatch listing follows Erico's announced plans to recapitalize the company in a transaction valued at $675 million.

The CreditWatch negative implications reflect concern that the proposed recapitalization could result in an increase in debt leverage beyond the expectations at the current rating, according to S&P, which said it will monitor events and assess the impact of any recapitalization plans proposed.

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