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BULLETIN: Solo Cup's Lower Operating Income for First Quarter 2004 Has No Effect on Ratings Jul 04
Standard & Poors, July 2004
Abstract
NEW YORK (Standard & Poor's) July 1, 2004-- Standard & Poor's Ratings Services said today that Solo Cup Co.'s (B+/Stable/--) announcement that pro forma operating income for the first quarter of 2004 was substantially lower than in the same period in 2003 has no effect on the company's credit rating or outlook. Following the recently completed acquisition of SF Holdings Group Inc. and its subsidiaries (including Sweetheart Cup Co. Inc.), pro forma operating income in the first quarter of 2004 was adversely affected by higher raw-material costs (paper and plastic resins), and operating issues related to the integration of the acquisition, in addition to being a seasonally weak quarter. Because of the very aggressive debt leverage and disappointing earnings, the...
Companies mentioned in this report are: Solo Cup Co.,SF Holdings Group Inc.,Sweetheart Cup Co. Inc.
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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