NEW YORK (Standard&Poor's) Oct. 28, 2005--Standard&Poor's Ratings Services revised its outlook on lawn and garden care products supplier Scotts Miracle-Gro Co. to stable from positive. At the same time, Standard&Poor's affirmed its 'BB' corporate credit and 'B+' senior subordinated debt ratings on the company. Marysville, Ohio-based Scotts had about $393.5 million of total debt outstanding at Sept. 30, 2005, excluding operating leases. The revised outlook follows Scott's recent announcement that it has authorized a $500 million share repurchase program, spread out over the next five years. "We believe this reflects a more aggressive financial policy, which will reduce the company's financial flexibility for acquisitions and debt reduction," said Standard&Poor's credit analyst Mark
