Scotts Miracle-Gro has improved credit measures and free cash flow, while sustaining adequate leverage covenant cushion. We are assigning our 'B+' rating to Scott's proposed $200 million eight-year senior unsecured notes, and we are affirming the 'BB-' corporate credit rating. We are revising the outlook to positive from stable based on our expectation for continued good free cash generation and improved credit measures. On Jan. 11, 2010, Standard&Poor's Ratings Services revised its outlook on Marysville, Ohio-based Scotts Miracle-Gro Co. (Scotts) to positive from stable and affirmed its 'BB-' corporate credit rating on the company. At the same time, Standard&Poor's assigned its 'B+' issue level rating to Scotts proposed $200 million eight-year senior unsecured notes, and assigned
