Research Update: Sweetheart Cup Co. Inc. Dec 03

Standard & Poors, December 2003

Abstract
On Dec. 18, 2003, Standard & Poor's Ratings Services raised its ratings on Owings Mills, Md.-based Sweetheart Cup Co. Inc. (see list below) 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. There are now no major debt maturities before 2007. Total debt 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 year end, Sweetheart's bank credit facility would have matured on Dec. 31, 2003....

Companies mentioned in this report are: Sweetheart Cup Co. Inc.,International Paper Co.,Sweetheart Holdings Inc.,Fonda Group Inc. (The)
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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Sweetheart Cup Co. Inc.,International Paper Co.,Sweetheart Holdings Inc.,Fonda Group Inc. (The)

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