S&P: OM still on watch developing

Standard & Poor's said its ratings on OM Group Inc. remain on CreditWatch developing, where they were placed on March 17.

While the ratings could still be lowered or affirmed depending on the pending independent auditors' review of OM's restated financial results, S&P said there is increasing potential that the ratings could be raised upon a satisfactory outcome, particularly if earnings continue at improved levels.

S&P said the company's independent auditors will issue their opinion on the financial statements to be included in the 2003 10-K after completing a review of all three 2004 quarters and achieving a meaningful level of progress with respect to the 2004 year-end audit.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.