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S&P cuts Omnova to B
Standard & Poor's said it lowered its corporate credit rating on Omnova Solutions Inc. to B from B+ and placed it on CreditWatch negative.
At the same time, all other ratings were lowered and placed on CreditWatch, including its senior secured bank loan rating to B+ from BB-, senior secured debt rating to B from B+, senior unsecured debt rating to B from B+ and senior unsecured/subordinated shelf to CCC+ from B-.
S&P said the downgrade and CreditWatch placement reflect weaker-than-expected operating performance because of elevated raw-material costs.
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