S&P cuts Millennium Chemicals

Standard & Poor's said it lowered its ratings on Millennium Chemicals Inc. and its affiliate, Millennium America Inc.

The agency said it removed the ratings from CreditWatch, where they had been placed with negative implications on Feb. 23, 2006.

The outlook is negative.

The agency added that the rating actions recognize the potential for Millennium Holdings to face meaningful remediation obligations to abate lead paint in the State of Rhode Island and some potential for additional lead litigation in other states.

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