NEW YORK (Standard&Poor's) Oct. 31, 2007--Standard&Poor's Ratings Services said today its ratings and outlook on apparel company Quiksilver Inc. (BB-/Negative/--) would be unaffected by the company's announcement that it will sell its Cleveland Golf business to SRI Sports Limited in Japan. The transaction is valued at approximately $132 million, and the company intends to use the net proceeds to repay debt. Quiksilver acquired a majority interest in Cleveland Golf as part of its acquisition of Rossignol in 2005, and acquired the remaining interest earlier this year. Standard&Poor's expects that this transaction will reduce leverage somewhat as the company will pay down some debt. For the 12 months ended July 31, 2007, leverage (as measured
