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S&P: ACCO view stable
Standard & Poor's said it revised the outlook on ACCO Brands Corp. to stable from negative and affirmed its BB- corporate credit rating.
S&P said the outlook revision reflects ACCO's improved operating margins and reduced leverage following the company's 2005 merger with General Binding Corp.
At Dec. 31, the issuer's fully adjusted leverage fell to 3.8 times from 4.5 times in 2006.
Ratings reflect the company's leading market position, portfolio of well-known brands and wide geographic distribution, the agency said.
These factors are somewhat mitigated by the company's highly competitive operating environment, customer concentration and leveraged financial profile, S&P said.
Leverage fell to 3.8 times at year-end, compared with 4.5 times in 2006.
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