S&P: Oreck on watch

Standard & Poor's said it placed its B+ corporate credit and senior secured debt ratings on Oreck Corp. on CreditWatch with negative implications.

S&P said the CreditWatch placement follows the aftermath of Hurricane Katrina and reflects the potential damage to the company's headquarters located in New Orleans and more importantly, to its primary manufacturing facility located in Long Beach, Miss. and the agency's concerns pertaining to the length and magnitude of disruption of its business.

Both the company's headquarters and manufacturing facility are believed to have escaped major damage; however, the headquarters is expected to be inaccessible for several weeks, if not longer and management is expected to take steps to restore production, the agency said.

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