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Bulletin: DBO Holdings Inc. Ratings Are Not Affected By Settlement With Russian Steelmaker Mar 09
Standard & Poors, March 2009
Abstract
NEW YORK (Standard & Poor's) March 11, 2009--Standard & Poor's Ratings Services said today that its ratings and outlook on Beachwood, Ohio-based tubular products manufacturer DBO Holdings Inc. (B+/Stable/--) are unchanged after the announcement by Russian steelmaker OJSC Novolipetsk Steel (NLMK; BBB-/Negative/--) that the company and DBO Holdings have signed a settlement agreement. The settlement resolves the companies' dispute concerning NLMK's proposed acquisition of John Maneely Co., which NLMK terminated in November 2008. The agreement provides for the full mutual release and discharge by NLMK and DBO from their claims arising from the transaction. In addition, NLMK agreed to pay DBO a settlement amount of $234 million within four business days of signing. Standard & Poor's expects DBO to receive...
Companies mentioned in this report are: JMC Steel Group Inc.,OJSC NLMK
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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