S&P affirms Rayovac

Standard & Poor's said it affirmed its ratings on Rayovac Corp., including its B+ corporate credit rating, after completion of its acquisition of United Industries Corp.

Due to the reduced size of its new bank facility to $1.03 billion from the previously planned $1.23 billion facility, S&P said it affirmed its B+ senior secured bank loan rating and raised its recovery rating to 2 from 3.

The outlook on Rayovac is stable.

Ratings on Rayovac reflect the company's aggressive acquisition history, high leverage, and integration risks associated with the United Industries acquisition. These risks are offset somewhat by the company's more diversified product portfolio as a result of the acquisition and improved operating performance in 2004, S&P said.

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