The ratings reflect Scotts' competitive position and leading brand names in the consumer lawn and garden market in the U.S. and Europe. These strengths are partially offset by high debt levels following a series of debt-financed acquisitions during the past three years, the biggest of these being the 1998 Rhone-Poulenc Jardin and Ortho acquisitions. In particular, the Rhone-Poulenc Jardin transaction substantially increased the company's international revenue base, which is currently more than 20% of sales. As debt increased to $863 million in the fiscal year ended Sept. 30, 2000, from $221 million in 1997, sales increased to more than $1.7 billion from just over $900 million during the same period, mainly due to external growth through acquisitions. Despite the increased
