On Aug. 20, 2002, Standard&Poor's assigned its preliminary 'BB'/'B+' senior unsecured debt/subordinated debt ratings to The Scotts Co.'s $350 million universal shelf. Net proceeds will be used for general corporate purposes, which could include the refinancing of existing debt. The preliminary rating on the unsecured debt is the same as the corporate credit rating, reflecting Standard&Poor's expectation that net proceeds from a debt issuance would be sufficient to repay a substantial amount of the company's secured debt. However, the unsecured debt rating could be rated one or two notches below the corporate credit rating if, in accordance with Standard&Poor's criteria, the debt is deemed to have a junior position relative to the firm's secured
