S&P: Worthington unchanged

Standard & Poor's said its ratings and outlook on Worthington Industries Inc. are unchanged at this time following the company's announcement that it has acquired the stock of unrated Angus Industries for $180 million in cash.

According to S&P, the transaction was funded through the combination of the company's revolving credit facility and a recent dividend from its Worthington Armstrong Venture.

The agency said Worthington's acquisition provides the company with higher value added manufacturing and increases its exposure in the construction, agriculture and mining industries, which S&P believes will continue to benefit in the near term from a slowly improving economy.

In addition, despite the acquisition being predominantly debt-financed, pro forma total adjusted leverage remains about 2.5x, a level that S&P considers to be in line with its view of "intermediate" financial risk and the BBB rating at this point in the cycle, the agency said.

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