S&P puts RSI Home on watch

S&P said it placed the ratings on RSI Home Products Inc., including the BB- corporate credit rating, on CreditWatch with developing implications.

RSI Home Products' shareholders have approved the sale of the company to American Woodmark for an implied value of $1.075 billion. The acquisition is expected to close in the first quarter of 2018.

American Woodmark will also assume roughly $589 million of RSI debt at closing.

The agency said that in resolving the CreditWatch listing, it will assess the financial and operating strategy of the newly combined entity as well as RSI's status within the American Woodmark group.

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