Fitch Ratings said Friday that it has downgraded Sherwin-Williams Co.'s (SHW) ratings, including the company's Issuer Default Rating to 'A-' from 'A'.
Fitch has also removed Sherwin-Williams's ratings from Rating Watch Negative. The Rating Outlook is Stable. Fitch had originally placed the company's ratings on Watch Negative in November 2012 following Sherwin-Williams's proposed acquisition of Consorcio Comex, S.A. de C.V. for $2.34 billion, including assumed debt, in an all cash transaction. The transaction is expected to close during the latter part of the second quarter of 2013. Fitch said the ratings downgrade reflects Sherwin-Williams's high leverage following the acquisition of Comex and integration risks associated with this large transaction and takes into account normalized leverage post integration.
While the company has successfully integrated smaller acquisitions in the past.i.e. Duron, Purdy, M.A. Bruder, there is greater risk as the Comex acquisition is significantly larger and also involves meaningful operations in foreign jurisdictions like Mexico and Canada, the rating agency noted.
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