...+ U.S.-based landscape supply distributor SiteOne Landscape Supply Inc., majority owned by private equity firm Clayton, Dubilier & Rice (CD&R), is pursuing a dividend recapitalization transaction that will be funded with a new $250 million first-lien term loan. + Since we first assigned a corporate credit rating to SiteOne in September 2015, the company has experienced stronger-than-expected operating results and lower debt leverage. + As a result, we are raising our corporate credit rating on the company to 'B+' from 'B'. + At the same time, we are assigning a '##-' issue-level rating to the company's proposed first-lien term loan. The recovery rating is '2'. + The outlook is stable, reflecting our view that SiteOne will maintain adjusted debt to EBITDA between 3x and 4x over the next 12 months, helped by the company's acquisition strategy and continued strength in the U.S. residential and nonresidential construction markets. NEW YORK (Standard & Poor's) April 14, 2016--Standard & Poor's...
