S&P puts AmeriCast on positive watch

Standard & Poor's said it placed its ratings on AmeriCast Technologies Inc., including the B corporate credit rating, on CreditWatch with positive implications following the announcement that Bradken Ltd. acquired the company in a transaction valued at about $288 million including the assumption of debt.

With the closing of the acquisition, AmeriCast is now a wholly owned subsidiary of Bradken and could benefit from inclusion in a larger consolidated entity, the agency said.

However, the strategic importance of AmeriCast to Bradken is unclear, and therefore the effect on AmeriCast's outstanding debtholders remains uncertain, S&P said. The agency will resolve the CreditWatch as more details become available.

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