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Bulletin: Ratings On Sealed Air Corp. Unchanged After Dividend Increase Feb 07 Product Image

Bulletin: Ratings On Sealed Air Corp. Unchanged After Dividend Increase Feb 07

  • Published: February 2007
  • Standard & Poors

Abstract
NEW YORK (Standard & Poor's) Feb. 16, 2007--Standard & Poor's Ratings Services said today that Sealed Air Corp.'s (BBB/Negative/--) announcement that it will increase its quarterly dividend by 33% to $0.20 per common share will not prompt a change in the rating or outlook. The change will increase dividend payments by about $16 million on an annual basis. Sealed Air's credit metrics, including funds from operations to net debt (pro forma for the payment of its asbestos settlement with W.R. Grace & Co. and accrued interest) of about 19% are weak for the ratings. Nevertheless, we expect the credit profile to continue to gradually strengthen, with management remaining committed to using the company's substantial and fairly steady free operating cash...

Companies mentioned in this report are: Sealed Air Corp.
Action: Bulletin

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Sealed Air Corp.

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