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
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Research type: News
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