S&P Cuts Spectrum Brands Rating

NEW YORK (AP) -- Credit ratings agency Standard & Poor's said Friday it cut its rating on Atlanta-based Spectrum Brands, maker of Rayovac batteries and Remington shaving products, for weak operating performance.

S&P cut its corporate credit rating on to "CCC+" from "B-" with a "developing" outlook.

Credit analyst Patrick Jeffrey noted that the company is facing intense competition in its battery business and increased commodity costs.

On Thursday Spectrum posted a first-quarter loss of 38 cents per share on declining revenue. Excluding certain expenses, the company said it would have earned 12 cents per share.

Shares of Spectrum, which has traded between $6 and $22.42 over the past 52 weeks, were down 45 cents, or 4.6 percent, at $9.44 in morning trading on the New York Stock Exchange.