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PolyOne Corp. Ratings Lowered to 'B+' From 'BB-'; Outlook Negative Jun 04 Product Image

PolyOne Corp. Ratings Lowered to 'B+' From 'BB-'; Outlook Negative Jun 04

  • ID: 2086583
  • June 2004
  • Standard & Poors

Abstract
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: Downgraded
Action: Outlook: Negative

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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