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Sealed Air Corp. Ratings Still on CreditWatch Negative; Tentative Asbestos Agreement Reached Dec 02 Product Image

Sealed Air Corp. Ratings Still on CreditWatch Negative; Tentative Asbestos Agreement Reached Dec 02

  • ID: 2086455
  • December 2002
  • Standard & Poors

NEW YORK (Standard & Poor's) Dec. 2, 2002--Standard & Poor's Ratings Services said today that its ratings on packaging manufacturer Sealed Air Corp, including its 'BBB' corporate credit rating, remain on CreditWatch with negative implications, where they were placed on July 31, 2002. This CreditWatch update follows the company's announcement that it agreed in-principle to resolve all asbestos-related claims. The agreement would settle all current and future asbestos-related claims and resolve the pending fraudulent transfer claims made in connection with Sealed Air's 1998 acquisition of the Cryovac packaging business from now bankrupt W. R. Grace & Co. Saddle Brook, N.J.-based Sealed Air has about $928 million in debt outstanding as of Sept. 30, 2002. "If approved, the pending settlement would...

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

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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