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Sweetheart Cup Co. Inc. Corporate Credit Rating Raised to 'B-'; $100 Million Notes Rated 'CCC' Dec 03
Standard & Poors, December 2003
NEW YORK (Standard & Poor's) Dec. 18, 2003--Standard & Poor's Ratings Services said today that it raised its ratings on Owings Mills, Md.-based Sweetheart Cup Co. Inc. and assigned its 'CCC' senior secured debt rating to the company's offering of $100 million 9.5% senior secured notes due 2007, issued under Rule 144A with registration rights. The outlook is stable. "The upgrade follows the company's closing on debt refinancing that significantly improves its debt maturity profile," said Standard & Poor's credit analyst Cynthia Werneth. There are now no major debt maturities before 2007. Total bedt outstanding as of Sept. 30, 2003 (including capitalized operating leases and parent company obligations) was nearly $800 million. If this financing had not been completed by...
Companies mentioned in this report are: Sweetheart Cup Co. Inc.,International Paper Co.
Action: Various Rating Actions
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.
Sweetheart Cup Co. Inc.,International Paper Co.