The ratings on The Scotts Miracle-Gro Co. reflect its high debt levels and the inherent seasonality and customer concentration in 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. The ratings also incorporate the expectation that credit protection measures will fluctuate from year-to-year, though on average they will remain above the median for the rating. Scotts is a leading 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 accounted for about
