S&P: Dresser unchanged

Standard & Poor's said it noted that Dresser Inc. (B+/Watch negative) announced that it has amended its senior secured credit facility and received a consent and waiver under its senior unsecured term loan to extend the required delivery date from July 15 to Sept. 30 for providing audited financial statements for fiscal-year ended Dec. 31, 2004, and unaudited financial statements for fiscal-quarters ended March 31 and June 30.

The announcement, although deemed as favorable to the extent that Dresser will have added time to meet filing requirements under its senior secured credit facility and senior unsecured term loan, does not immediately affect current ratings.

The ratings for Dresser remain on CreditWatch with negative implications, where they were placed in March following the company's initial announcement that it would be delayed in filing its 2004 10K.

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