S&P revises Valspar to stable

S&P said it affirmed Valspar Corp.’s ratings, including the corporate credit rating at BBB, and revised the outlook to stable from negative.

"Our rating action results from Sherwin-William Co.'s announcement that it is raising approximately $6 billion in new debt to fund its acquisition of Valspar," S&P credit analyst Paul Kurias said in a news release.

"In addition, Sherwin-Williams announced an exchange offer for existing debt at Valspar. Our rating reflects our assumption that the Sherwin-Williams' Valspar acquisition goes ahead as planned."

The agency will withdraw the company’s issue-level ratings upon the successful completion of the exchange offer as proposed.

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