...August 10, 2021 NEW YORK (S&P Global Ratings) Aug. 10, 2021--S&P Global Ratings today assigned its 'B+' issue-level rating and '6' recovery rating to The Scotts Miracle-Gro Co.'s proposed $400 million senior unsecured notes due 2032. The '6' recovery rating indicates our expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a payment default. The company will use the net proceeds from these notes for general corporate purposes, including to fund potential acquisitions and strategic opportunities. Pro forma for this transaction, Scotts will have total debt of about $2.3 billion. All of our existing ratings on the company, including our '##' issuer credit rating, remain unchanged. Our rating on Scotts incorporates it strong market positions in the weed control, insect control, gardening landscape, animal repellant, and grass seed categories of the lawn care industry. The company has strong brand equity and a focused portfolio of brands, including Scotts, Miracle-Gro,...
