10:24 AM EDT, 06/19/2024 (MT Newswires) -- S&P Global Ratings on Tuesday placed its "B+" issuer credit rating on Primo Water ( PRMW ) on CreditWatch with positive implications.

The rating agency also placed its "B+" issue-level rating on the company's senior unsecured debt on CreditWatch with developing implications, while noting that it is uncertain about its post-merger guarantee structure.

The CreditWatch positive placement reflects that S&P will likely raise the issuer credit rating on Primo Water ( PRMW ) by one notch following its merger with Triton Water Holdings Inc. (d/b/a BlueTriton).

The companies agreed to merge through an all-stock transaction to create a pure-play hydration company. The deal is expected to close by the first half of 2025.

Primo was up 1% on last look on Wednesday in Canada.

Price: 30.76, Change: +0.30, Percent Change: +0.98