Diversey Holdings Inc. Ratings Raised To 'BB' From 'B+', Off CW, Then Withdrawn After Acquisition By Sealed Air Corp. Dec 11
- Language: English
- Published: December 2011
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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