...+ U.S. lawn and garden products and services company Scotts Miracle-Gro Co.'s pro forma adjusted leverage is slightly above our 4x downgrade threshold in part due to a sizable, primarily debt-financed acquisition of a hydroponics company and its profit weakness. + Notwithstanding the company's intention to reduce leverage, we believe EBITDA could deteriorate if sales of Roundup fall because of unfavorable media coverage associated with expected ongoing litigation against the product's owner Monsanto Co. We also believe EBITDA could weaken due to meaningful inflation expected in the lawn and garden business, or because of recent disruptions in hydroponics that may persist. + We also believe de-leveraging may not occur if there are additional litigation charges related to the previously sold wild bird food business. + We are revising our rating outlook to negative from stable, and affirming our '##' issuer credit and 'B+' senior unsecured note ratings. + The negative outlook reflects the...
