TEXT-S&P: Scotsman Industries rating off from watch, rating withdrawn

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Ratings Withdrawn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.