Operating performance and credit metrics have strengthened for U.S.-based Scotts Miracle-Gro Co. We are affirming our ratings on Scotts, including the 'BB+' corporate credit rating, and revising our outlook to stable from negative. The stable outlook reflects our expectation for operating performance to remain relatively stable. We expect leverage to increase modestly given fluctuations in EBITDA level and possible increase in level of shareholder distributions. On Dec. 20, 2013, Standard&Poor's Ratings Services affirmed its 'BB+' corporate credit rating on Ohio-based Scotts Miracle-Gro Co. and revised the outlook to stable from negative. We also affirmed our 'BB-' rating on all of the company's senior unsecured debt. The recovery ratings remain unchanged at '6', indicating our expectation for negligible (0%
