NEW YORK (Standard&Poor's) June 30, 2004--Standard&Poor's Ratings Services said today that the ratings and outlook on The Scotts Co. (BB/Positive/--) would not be immediately affected by the company's announcement that it is revising its fiscal 2004 earnings and free cash flow guidance. Nor are the ratings affected by the company's announcement that it has prepaid $100 million of its term B bank loan and plans to refinance the remaining $400 million outstanding balance. The upward guidance is due primarily to continued strength across all of the company's major categories within North America, despite weaker-than-expected international operating results. Still, Scotts' average debt levels remain high, and the company participates in a highly seasonal business that is not
