S&P: WKI remains on negative watch

Standard & Poor's said that its ratings on cookware and bakeware manufacturer WKI Holding Co. Inc., including the B corporate credit rating, remain on CreditWatch with negative implications, where they were placed Nov. 24, 2003.

The CreditWatch update follows WKI's recent 10-K filing, which indicated that the company has engaged external advisers to evaluate business realignment, process improvement, and cost reduction opportunities. The results of this program are expected to be announced and its implementation commenced in the second or third quarter of fiscal 2004.

S&P said it remains concerned about challenging industry conditions and the uncertainty surrounding the company's potential business realignment and restructuring initiatives.

The company's corporate credit and senior secured bank loan rating is B, and the subordinated debt rating is CCC+.

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