S&P: Ansell unchanged

Standard & Poor's said announcements by Ansell Ltd. (BB+/stable) to sell its shareholding in the South Pacific Tyres (SPT) joint venture and undertake a share buyback will have no immediate impact on the company's credit rating or outlook.

The agency noted Ansell has announced an agreement with its joint venture partner, Goodyear Tire & Rubber Co. (B+/stable/B-2), for Goodyear to acquire Ansell's 50% shareholding in SPT for A$53 million, resulting in an A$5 million non-cash write-down from Ansell's current carrying value of A$58 million.

Ansell has also announced an on-market share buyback of A$100 million over the next 12 months, S&P added.

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