TEXT-S&P: Scotsman Industries rating off from watch, rating withdrawn

Fri Dec 14, 2012 5:05pm EST

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Overview
     -- Scotsman Industries Inc. has been acquired by broadly diversified food 
equipment manufacturer ALI Group. 
     -- We are removing our ratings on Scotsman, including our 'B+' corporate 
credit rating, from CreditWatch with positive implications, where they were 
placed on Nov. 7, 2012, following news of the pending purchase.
     -- We are subsequently withdrawing all of our ratings on Scotsman at the 
company's request based on the repayment of its outstanding bank debt.

Rating Action
Dec. 14, 2012, Standard & Poor's Ratings Services removed its ratings on 
Vernon Hills-Ill.-based ice machine manufacturer Scotsman Industries Inc., 
including our 'B+' corporate credit rating, from CreditWatch with positive 
implications. We had placed the ratings on CreditWatch on Nov. 7, 2012. All 
debt outstanding has been repaid, and we are subsequently withdrawing our 
ratings at the request of the company. We indicated that when the bank debt 
outstanding was repaid at the close of the deal we would withdraw our ratings 
on this debt.

Rationale
We placed the ratings on CreditWatch with positive implications based on our 
view of potential improvement in credit quality following the purchase by ALI 
Group. Our view was supported by the strategic acquisition by a much more 
broadly diverse global food service equipment manufacturer that should enhance 
the business risk profile and by less aggressive financial policies absent 
private equity ownership.



Related Criteria And Research
     -- Scotsman Industries Inc. 'B+' Rating Placed On CreditWatch Positive 
After Acquisition Announcement, Nov. 7, 2012
     -- Use Of CreditWatch And Outlooks, Sept. 14, 2009 
     -- 2008 Corporate Criteria: Analytical Methodology, April 15, 2008


Ratings List
Ratings Removed from CreditWatch
                                        To                 From
Scotsman Industries Inc.
 Corporate Credit Rating                B+/Stable/--       B+/Watch Pos/--
 Senior Secured                         B+                 B+/Watch Pos
   Recovery Rating                      3                  3

Ratings Withdrawn
                                        To                 From
Scotsman Industries Inc.
 Corporate Credit Rating                NR                 B+/Stable/--       
 Senior Secured                         NR                 B+                 
   Recovery Rating                      NR                 3                  
 

Complete ratings information is available to subscribers of RatingsDirect on 
the Global Credit Portal at www.globalcreditportal.com. All ratings affected 
by this rating action can be found on Standard & Poor's public Web site at 
www.standardandpoors.com. Use the Ratings search box located in the left 
column.
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