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S&P: Shaw on watch
Standard & Poor's said it placed its BB corporate credit rating and other ratings for The Shaw Group Inc. on CreditWatch with negative implications.
The agency said that the CreditWatch placement followed the company's announced agreement to take a 20% ownership interest in the $5.40 billion acquisition, led by Toshiba Corp.. (BBB/Watch negative/A-2), of Westinghouse Electrical Co. from British Nuclear Fuels Ltd. (both unrated).
The agency said it will meet with Shaw management to discuss the specifics of the acquisition and the company's business and financial strategies, noting that a modest downgrade could result if it appears likely or reasonably possible that Shaw will maintain a sizable equity interest beyond the life of the bonds, at which time the company may be required to refinance or repay the bonds, resulting in a financial profile inconsistent with the current ratings.
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