The ratings on Marysville, Ohio-based The Scotts Miracle-Gro Co. continue to reflect its high debt levels and the inherent seasonality and customer concentration of its business. Somewhat mitigating these concerns are the company's competitive position and leading brand names in the consumer lawn and garden market in the U.S. and Europe. Scotts is a leading global provider of consumer products for lawn and garden care, professional turf, and horticulture, with well-recognized brand names. The company also provides residential lawn care, tree and shrub care, and external pest control services through its Scotts LawnService. International sales, which account for about 25% of total sales, add some diversity. The October 2004 acquisition of Smith&Hawken Ltd.--which participates in several categories of
