PolyOne Corp. Ratings Lowered to 'B+' From 'BB-'; Outlook Negative Jun 04
- ID: 2086583
- June 2004
- Standard & Poors
NEW YORK (Standard & Poor's) June 14, 2004-- Standard & Poor's Ratings Services said today that it lowered its corporate credit and senior unsecured ratings for PolyOne Corp. to 'B+' from 'BB-', citing slower-than-expected progress in improvement to the financial profile. Cleveland, Ohio-based PolyOne, with $2.0 billion of annual sales and over $850 million of debt (adjusted to include capitalized operating leases and an accounts receivable securitization program), is a global polymer services company. The outlook is negative. "The downgrade reflects the continuation of subpar operating and financial performance, and the likelihood that needed improvement in credit protection measures could take longer than anticipated," said Standard & Poor's credit analyst Peter Kelly. Difficult business conditions have resulted in negative free...
Companies mentioned in this report are: PolyOne Corp.
Action: Outlook: Negative
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