S&P: Armored, IDQ on positive watch

Standard & Poor’s said it placed the B- corporate credit ratings on Armored AutoGroup Inc. and IDQ Holdings Inc. on CreditWatch with positive implications.

The CreditWatch placement follows news that Spectrum Brands has entered into a definitive agreement to acquire Armored and IDQ for $1.4 billion in cash and assumed debt, S&P said.

The credit profiles of both companies will likely improve if the proposed acquisition by the larger and financially stronger Spectrum occurs, the agency said.

If the transaction is completed, S&P said it likely will raise the ratings on Armored and IDQ to the same level as the post-closing rating on Spectrum.

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