S&P: Oglebay Norton developing

Standard & Poor's said it placed Oglebay Norton Co.'s ratings, including its B corporate credit rating, on CreditWatch with developing implications. The action followed the company's announcement that it is working with J.P. Morgan Securities Inc. in exploring options to enhance shareholder value.

The agency said an acquisition by a strategic buyer with a stronger credit profile may result in an upgrade while an acquisition by a financial buyer, resulting in a material increase in leverage, could result in a downgrade.

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