S&P affirms Fender

Standard & Poor's said it affirmed its B corporate credit rating on Fender Musical Instruments Corp. The outlook is stable.

At the same time, the agency said it removed the ratings from CreditWatch, where they were placed with positive implications on July 18, because of the start of the company's IPO road show.

In addition, the agency said it affirmed its B issue-level rating on the senior secured debt due 2014. The recovery rating remains unchanged at 3.

S&P said the rating affirmation and removal from CreditWatch reflects Fender's decision to indefinitely suspend its IPO citing uncertain market conditions.

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