Standard & Poor's Ratings Services said today that PolyOne Corp.'s (BB+/Negative/--) announcement that fourth-quarter earnings before special items weakened year-over-year and in comparison to the third quarter of 2002 does not affect its ratings or outlook on the company. The earnings weakness, which had been expected, reflects slowing customer demand as a result of the continuation of economic uncertainty. Nevertheless, the company indicates that the first quarter of 2003 could show some improvement in earnings with a increase in sales and higher equity operating income. In addition, full-year 2003 results should benefit from the cost reduction programs the company recently announced as part of a plan to improve its financial profile. Standard & Poor's, which lowered PolyOne's corporate credit rating...
Companies mentioned in this report are: PolyOne Corp.
Action: S&P Event
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