S&P puts Milacron on watch

Standard & Poor's placed its B- corporate credit rating and other ratings on Milacron Inc. on CreditWatch with negative implications on concerns about the company's debt maturities.

Total lease-adjusted debt was about $390 million at Sept. 30 for Cincinnati-based Milacron, a leader in the plastics machinery sector.

In resolving the Creditwatch, S&P said it will evaluate Milacron's near-term progress in working with potential lenders to replace its revolving credit facility and receivables securitization program by year-end (about $80 million outstanding) as well as how its intends to refinance its public debt, which matures in March 2004 ($115 million) and April 2005(Euro 115 million).

The ratings agency said ratings would be lowered if prospects for meeting debt maturities are judged to be diminished.

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