S&P: Kerr-McGee unaffected

Standard & Poor's said Kerr-McGee Corp.'s (BBB/negative/A-3) announcement that it will incur after-tax charges of about $130 million for various items will not affect the ratings on the company.

About $80 million of these charges are related to the shut down of the company's titanium dioxide pigment sulfate production at its Savannah, Ga., facility, which is scheduled to occur by the end of September.

Kerr-McGee had suffered consistent losses related to this production and expects operating profit to improve by $15 million annually as a result of the closure, according to S&P.

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