S&P affirms Oneida

Standard & Poor's said it affirmed Oneida, Ltd.'s B corporate credit rating following the announcement that the company terminated its proposed senior secured bank loan due 2014 due to market conditions. The agency had assigned a B+ to the loan.

The outlook is negative.

The agency said the ratings reflect Oneida's high leverage, aggressive financial policy, weak operating history and vulnerability to changes in consumer preference and potential declines in the foodservice and/or leisure industries. Leverage following the canceled refinancing and proposed leveraged dividend remains high in the 4x area.

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