Spectrum Brands, Inc. -- Moody's confirms Spectrum Brands' B1 CFR; rates new notes B2 and upgrades existing ratings

New York, May 14, 2015 -- Moody's Investors Service confirmed the B1 corporate family rating (CFR) and B1-PD probability of default rating of Spectrum Brands, Inc. ("Spectrum" or "Spectrum Brands"). This action concludes the review for downgrade initiated on April 29, 2015 when Spectrum Brands announced it would acquire Armored AutoGroup Parent Inc. ("Armored Auto") from Avista Capital Partners for approximately $1.4 billion. Armored AutoGroup Parent owns Armored AutoGroup and IDQ Holdings. At the same time, Moody's assigned a B2 rating to the $1 billion of senior unsecured notes and upgraded the ratings of the existing senior unsecured notes to B2 from B3. The rating on the senior secured credit facility was upgraded to Ba2 from Ba3. The outlook is stable.

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