S&P: FGX unchanged

Standard & Poor's said that FGX International Inc.'s (B/negative) planned IPO and secondary offering has no immediate impact on the rating or outlook on the company.

The offering is expected to generate net proceeds of about $150 million, which will be used to repay a portion of the company's bank debt and second-lien debt, the agency said.

Currently, the rating is driven by the company's very aggressive financial policy, which has resulted in a large shareholder dividend over the past two years and a debt-financed acquisition, S&P added.

Should the IPO be successfully completed, the agency said it will evaluate FGX International's new capital structure, its financial policy as a public company and its growth strategy in determining the potential for a rating or outlook change.

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