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.
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.