S&P: Russell on watch

Standard & Poor's said it placed its ratings on Russell Corp. on CreditWatch negative, including its BB long-term corporate credit rating and BB- unsecured debt rating.

S&P said the CreditWatch placement follows the company's announcement that it has signed an agreement to acquire Brooks Sports Inc. for about $115 million.

While Russell expects the transaction to be accretive to 2005 earnings, S&P said it will be entirely financed with debt.

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