S&P: Olin on watch

Standard & Poor's said it placed the BBB- corporate credit and senior unsecured debt ratings of Olin Corp. on CreditWatch with negative implications.

The listing reflects the definitive agreement under which Olin will acquire Pioneer Cos. Inc. for about $415 million, the agency said.

S&P noted that it views this transaction as a temporary departure from Olin's long-standing investment-grade financial policies.

At the current ratings, the agency said it expected the company to strive to maintain FFO to total debt in the 30% to 35% range, taking into consideration operating leases, unfunded pension obligations and Olin's share of joint venture debt.

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