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S&P: OM Group still on watch developing
Standard & Poor's said its ratings on OM Group Inc. remain on CreditWatch developing, where they were placed March 17, 2004.
On watch are OM's B+ corporate credit rating and B- subordinated notes rating.
While the ratings could still be lowered or affirmed depending on the pending independent auditors' review of OM's restated financial results and S&P's assessment of business and financial prospects over the intermediate term, the ratings agency said there is increasing potential that the ratings could be raised upon a satisfactory outcome, particularly if earnings continue at improved levels.
On the other hand, the company does not expect to file its Form 10-K for the year ended Dec. 31, 2004 by March 31.
As previously announced, the company is restating its financial statements for the years ended Dec. 31, 1999-2002 and the first three quarters of 2003.
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