S&P cuts Levi Strauss

Standard & Poor's downgraded Levi Strauss & Co. including cutting its $375 million revolving credit facility due 2006 and $375 million term B loan due 2006 to B+ from BB and $350 million 6.8% notes due 2003, $380 million 11.625% notes due 2008, $450 million 7% notes due 2006, $575 million 12.25% senior notes due 2012 and €125 million 11.625% notes due 2008 to B from BB-. The outlook is stable.

S&P said the action follows Levi Strauss' announcement that it will seek a temporary waiver under its existing credit facility as it finalizes a $1.15 billion refinancing of its current secured bank credit facility and accounts receivable securitization program.

Year-to-date results have been well below expectations because of a weak economic environment and continued apparel price deflation, which will likely continue for the foreseeable future, S&P added. Although, the rollout of the Signature product line at Wal-Mart Stores Inc. seems to be going according to plan, it will not be sufficient in the near term to offset the current difficulties at retail and in Levi Strauss' European business.

In addition, Levi Strauss announced the proposed restructuring of its U.S. and European operations to address the changing business environment, which would result in pretax cash charges and expenses in the $70 million to $80 million range. It is expected that most of these expenses will be incurred in 2004 if completed. The proposed savings from the restructuring and cost-saving initiatives are expected to be between $130 million and $150 million. S&P said it believes that in the longer term, the restructuring initiatives will assist the company in becoming a more nimble operator.

Levi Strauss' ratings reflect its leveraged financial profile and its participation in the highly competitive denim and casual pants industry, S&P added. The ratings also reflect the inherent fashion risk in the apparel industry. This is somewhat offset by the company's well-recognized brand names in jeans and other apparel.

S&P said it expects credit measures to remain weak in the near term, with lease-adjusted total debt to EBITDA of more than 6.0x and adjusted EBITDA to interest coverage of about 1.5x. S&P added that it expects Levi Strauss to continue to spend to support its new mass-market initiative and its business reorganization. Because of the additional working capital requirements and inventory investment needed to support the new initiatives and the cash portion of the restructuring charge, S&P expects credit protection measures to remain relatively unchanged in the near term.

The rating agency also noted that flexibility under the bank covenants is very tight. Levi Strauss is seeking a temporary waiver from its current lenders under the existing secured bank credit facility until the new financing is finalized, as the company is not sure that it will be able to remain in compliance.

Moody's puts BSkyB on upgrade review

Moody's Investors Service put British Sky Broadcasting plc on review for possible upgrade including its senior unsecured bonds at Ba1.

Moody's said the review was prompted by the ongoing improvement in BSkyB's operating and financial performance, as reflected in the stronger profitability and cash flow generation and debt reduction achieved in 2002/3.

The review is based on the group's strengthened competitive position in UK Pay-TV, its steadily growing direct-to-home subscriber base and its rising operating profitability. It also takes account of the outlook for further deleveraging of the company on the back of strong free cash flow generation, and the company's stated commitment to apply this to debt reduction.

Management's strategic emphasis on growing and maximizing the profitability of its subscriber base is also a factor in the review the Moody's added.

S&P lowers Russell outlook

Standard & Poor's lowered its outlook on Russell Corp. to negative from stable and confirmed its ratings including its senior unsecured debt at BB.

S&P said the outlook revision follows Russell's recent downward revision of its third quarter 2003 and full-year earnings expectations.

The expected decline in sales and profitability is due to a very competitive pricing environment within Russell's Artwear and mass retail channels, excess industry capacity within Artwear, as well higher raw material costs and the weak economy.

Given that Russell's cash flows are seasonally higher in the second half of the year, S&P said it is concerned that credit measures for the full year will be below expectations. Moreover, barring an improvement in current business conditions, Russell may find it necessary to take additional restructuring charges, and it is uncertain when credit measures will recover.

Russell's ratings reflect its participation in the highly competitive and volatile apparel industry, which is subject to changing consumer preferences and a consolidating retailer base, S&P said. Somewhat mitigating these factors are the company's well-known brand name, its strong market position, and its moderate financial profile.

For the 12 months ended July 6, 2003, lease-adjusted total debt to EBITDA was about 2.2x and EBITDA coverage of interest expense was 5x, S&P said.

S&P rates Quintiles notes B, loan BB-

Standard & Poor's assigned a B rating to Quintiles Transnational Corp.'s planned $450 million senior subordinated notes due 2013 and a BB- rating to its planned $310 million term loan B and $75 million revolving credit facility. The corporate credit rating of BBB- remains on CreditWatch with negative implications and following the close of the leveraged buyout will be lowered to BB-.

S&P said the bank loan is rated the same as the anticipated corporate credit rating, reflecting only a marginal likelihood of full recovery of principal in event of default or bankruptcy.

The mid-speculative grade ratings on Quintiles reflect the large financial burden the company has assumed to fund its management-led leveraged buyout, as well as customers' inconstant appetite for Quintiles' services, S&P said. However, the ratings also reflect the company's leading position as a service provider to wealthy pharmaceutical companies.

Recognizing a preferred stock held by equity investors as a potentially significant call on financial resources, the largely debt-financed buyout weakens lease-adjusted credit measures dramatically, S&P noted. With this preferred stock included as debt, total debt to EBITDA will rise to more than 7.0x from 1.0x, and funds from operations to total debt will fall to about 10% from 85%. Accordingly, the credit profile is dominated by financial concerns.

Quintiles' role as the leading provider of contract research and sales services to mainly pharmaceutical customers remains undiminished, S&P said. However, a slowdown in research productivity has led to slackening new product introductions, reducing demand for contract sales services sharply, and slowed the growth of contract research services.

Contract renewal risk, inherent in Quintiles' business model, is heightened given the company's strategic relationship with Aventis SA (A+/positive), which accounts for 11% of net service revenues. Still, longer term prospects are promising. With an increasing number of drug candidates in the middle stages of development, it seems likely that demand for Quintiles' services will improve in the next few years.

Moody's rates Perry Ellis notes B3

Moody's Investors Service assigned a B3 rating to Perry Ellis International, Inc.'s proposed $150 million issue of guaranteed senior subordinated notes due 2013 and confirmed its existing ratings including its $57 million 9.5% guaranteed senior secured notes due 2009 at B1 and $100 million 12.25% guaranteed senior subordinated notes due 2006 at B3, the latter rating to be withdrawn when the notes are redeemed. The outlook remains stable.

Moody's aid the ratings reflect Perry Ellis' large portfolio of well recognized brands; large and diversified product line; the company's wide use of distribution channels; a history of successful foreign sourcing as well as minimal fixed asset base, which does not require significant capital contributions.

The ratings also reflect the long term benefits of the company's decrease in lower margin private label sales in favor of higher margin branded label sales; further expansion of the portfolio of brands via the recent acquisition of Salant Corp.; as well as adequate liquidity available for working capital needs as evidenced by ample availability under the revolving credit line.

The ratings are constrained by Perry Ellis' high financial leverage, approaching 6.8 times trailing 12 months ending July 31, 2003 EBITDA (not pro forma for the Salant acquisition), and modest interest protection measures for the rating category; a weak balance sheet with significant intangible assets of approximately 35% of total assets and negative tangible net worth of approximately $11 million. Further, the ratings incorporate integration risks associated with recent acquisition of Salant Corp.

The stable outlook assumes that the significant working capital use year-to-date that arose from inventory builds for swimwear and the acquired Salant business will reverse during 2004, Moody's said. In addition, the outlook anticipates that the expanded portfolio of brands should improve profitability margins and increase internally generated cash flow in the near term which could be used to reduce leverage. The failure to reduce leverage over the next year could lead to a downgrade.

S&P rates Perry Ellis notes B-

Standard & Poor's assigned a B- rating to Perry Ellis International Inc.'s proposed $150 million senior subordinated notes due 2013 and confirmed its existing ratings including its senior secured debt at B+. The outlook is stable.

S&P said Perry Ellis' ratings incorporate its narrow product portfolio, relatively high debt leverage and aggressive acquisition strategy. These factors are partially mitigated by the company's diverse portfolio of nationally recognized brand names, primarily in men's apparel, and its channel diversity.

Perry Ellis is pursuing an acquisition strategy in an effort to build the business and expand its existing portfolio, S&P noted. In June, the company acquired Salant Corp., its largest licensee of Perry Ellis branded apparel with 2002 sales of about $250 million, of which $170 million was from Perry Ellis products. Last year, Perry Ellis acquired the Jantzen business from VF Corp., which consists of women's swimwear and sportswear. While Jantzen was only a small part of VF's overall sales, it is expected to be a significant contributor at Perry Ellis.

Credit protection measures are somewhat weak for the rating, with debt to EBITDA of about 6.4x and EBITDA interest coverage of about 1.9x for the 12 months ended July 31, 2003, (excluding the EBITDA contribution from Salant). S&P said it expects credit measures will strengthen throughout the remainder of the year from better operating profits due to the anticipated contributions from Salant and Jantzen. Operating cash flow is expected to be sufficient to meet minimal required capital investments in the next several years. At the current rating level, there is no room for additional debt-financed acquisitions in the near term.

S&P says Qwest unchanged

Standard & Poor's said Qwest Communications International Inc. ratings, including its corporate credit at B- with a developing outlook, are not immediately affected by the recent close of the company's $4.3 billion sale of its Western region directories properties.

The sale provides significant financial cushion to the company in meeting its upcoming maturities, S&P noted. However, the company has not yet filed its 2002 10-K, which is a requirement under the Qwest Services Corp. bank facility that has been waived through Sept. 30, 2003.

While repayment of the entire outstanding bank facility with proceeds of the sale would relieve the company of this near-term potential covenant violation, the absence of fully audited financial statements still limits visibility in assessing the company's financial profile. The absence of a 10-K filing and associated audited financial statements also exacerbates continued uncertainty about the potential impact that the SEC and Department of Justice investigations will have on Qwest.

S&P said it will reassess the ratings when Qwest files its 10-K. The corporate credit rating could be raised to B.

S&P says Newfield unchanged

Standard & Poor's said Newfield Exploration Co.'s ratings are unchanged including its corporate credit at BB+ with a stable outlook in response to the acquisition of Primary Natural Resources for about $91 million that will be financed from borrowings on its bank facility.

S&P said it believes that the leverage incurred through this transaction ultimately will prove insufficient to materially affect Newfield's financial profile, given the strong free operating cash flow that the company is expected to generate for the remainder of 2003.

Although the purchase price of roughly $1.42 per thousand cubic feet equivalent is somewhat high, S&P expects that Newfield will limit its risk by hedging forward natural gas prices. In addition, the acquired properties should provide modest synergies as they border fields Newfield currently operates in the Anadarko Basin.

S&P says Plains All American unchanged

Standard & Poor's said Plains All American Pipeline LP's ratings are unchanged including its corporate credit at BBB- with a stable outlook in response to the announcement that it has sold 3.25 million common units to reduce bank debt.

S&P said the action is consistent with its expectation that management will maintain a moderate capital structure.

ased on net proceeds of $98 million, pro forma total debt to total capital is expected to fall to about 39% from 47% at June 30.

While growth (as with most master limited partnerships) comes largely from acquisitions, expectations are that acquisitions will be complementary to existing operations and continue to be funded in a balanced manner, S&P said.

Moody's rates The Pantry loan B1, B2

Moody's Investors Service rated The Pantry Inc.'s first lien term loan at B1 and second lien term loan at B2. The outlook continues to be stable.

Proceeds from the bank debt add-on, combined with proceeds from real estate sale and leaseback transactions, will be used to purchase the Golden Gallon chain of 138 convenience stores from a U.S. subsidiary of the Dutch supermarket operator Koninklijke Ahold NV.

Ratings reflect the company's status as the second largest chain of non-oil company convenience stores and recent improvements in its gasoline and merchandise margins, Moody's said. Revenue has risen as average retail gasoline price increased to $1.46 per gallon for the quarter ending June 2003 from $1.15 in the same period of 2002. Merchandise, excluding tobacco, comparable store sales have also increased, in spite of cycling over significant acquisition activity from previous years. To date, tobacco profitability has remained stable as tobacco manufactures have largely offset increases in branded cigarette list prices with vendor incentives.

Ratings also reflect the risks inherent in the company's strategy to roll-up small convenience store chains, the unpredictable profitability of gasoline and tobacco sales, and the company's leveraged financial condition, Moody's added.

For the 12 months ending June 26, lease adjusted leverage was at 5.5 times and fixed charge coverage was at 1.2 times.

S&P rates Tom Brown notes BB-

Standard & Poor's assigned a BB- rating to Tom Brown Inc.'s proposed $225 million senior subordinated notes due 2013. The outlook is stable.

S&P said Tom Brown's ratings reflect the risks posed by its participation in the fiercely competitive, volatile and capital intensive exploration and production segment of the oil and gas industry, slightly worse than average finding and development costs that, if continued, would require average or stronger prices to ensure sufficient cash flow for reserve replacement and its acquisitive growth strategy.

Mitigating these risks at the current rating level are the company's relatively strong financial profile, competitive cash production costs and good reserve life.

Tom Brown's high percentage of production from the Rocky Mountains and total cost structure require the company to receive average ($3.00 Henry Hub) or higher prices to generate sufficient cash flow to replace produced reserves and generate excess cash for either growth or debt repayment, S&P noted. Although Tom Brown's production costs are competitive - about $0.79 per thousand cubic feet equivalent (mcfe) - and its finding and development costs through the drillbit (about $1.41 per mcfe) are lower than comparably rated producers in others regions, the company's Rocky Mountain concentration burdens it with high price discounts (about $1.00 relative to the Henry Hub for the past four years, including expected 2003 results) for its natural gas production as a result of periodic shortages of export pipeline capacity. However, these discounts may narrow over the next year as new pipeline capacity enters service.

Tom Brown is expected to maintain its moderate financial policy, maintaining debt leverage of less than 30% over the medium term, S&P said. However, the company's capital structure reflects $85 million of goodwill and the relatively high unit price paid for Matador. Earnings before interest, taxes, depreciation, amortization, and exploration (EBITDAX) coverage of interest expense is expected to be solid with near-term results above 10x and in the medium term between 8x and 15x, depending on hydrocarbon pricing levels and the existing Rocky Mountain discount to NYMEX pricing.

S&P says Tesoro unchanged

Standard & Poor's said Tesoro Petroleum Corp.'s ratings are unchanged including its corporate credit at BB- with a stable outlook on the announcement that it expects to repay $125 million of debt within the next week.

Nonetheless S&P said the development is favorable.

Once this debt repayment is completed, Tesoro will have met its goal of reducing debt by $500 million by Dec. 31, 2003, which it announced in June 2002, S&P noted. This level of debt reduction was expected by S&P and is reflected in the current ratings and outlook on Tesoro.

S&P rates Seminis notes B-, loan BB-

Standard & Poor's assigned a B- rating to Seminis Inc.'s proposed $190 million senior subordinated notes due 2013 and a BB- rating to its proposed $250 million senior secured credit facilities. The outlook is stable.

S&P said the new credit facility is rated one notch higher than the corporate credit rating. Based on S&P's discrete asset evaluation, the proceeds from the liquidation of the collateral would be sufficient to cover the entire loan.

S&P said the ratings reflect Seminis' high debt leverage, weak credit ratios pro forma for the transaction and recent financial difficulties caused by excessive inventories. These factors are partially mitigated by Seminis' good market position in the global fruit and vegetable seed industry, strong brand equity, diverse customer base, and high barriers to entry into the industry.

Seminis competes within the fragmented $2.3 billion vegetable seed sector. However, the company is the largest player within the industry with a market share of approximately twice that of the nearest competitor at about 19% worldwide, S&P noted.

Seminis business position is below average. The company is subject to typical agricultural risk, including weather conditions, disease, and seasonality. The success in this industry is highly dependent on research and development of new seed varieties. S&P said it expects that Seminis will be able to leverage its vegetable and germplasm bank and continue to be an industry leader in the development of higher margined seed varieties.

Seminis should continue to generate free cash flow, which will be used for required debt amortization payments and a mandatory excess cash flow sweep. S&P estimated that Seminis will be highly leveraged in the wake of the acquisition. Lease-adjusted total debt to operating EBITDA is expected to be about 4.0x and operating EBITDA coverage of interest expense is expected to be about 3.0x for fiscal 2004. Capital expenditures are not expected to be material and should remain below $20 million during the next several years.

S&P puts AGCO on watch

Standard & Poor's put AGCO Corp. on CreditWatch negative including its $250 million 9.5% senior notes due 2008 at BB, $250 million 8.5% senior subordinated notes due 2006 at BB- and $350 million revolving credit facility at BBB-.

S&P said the action follows AGCO's announcement that is has agreed to acquire the business of Valtra Corp. for €600 million.

Valtra is a global tractor and off-road engine manufacturer with leading market positions in the Nordic region of Europe and Latin America and should broaden AGCO's position in key agricultural equipment markets, S&P noted.

The company has commitments from banks sufficient to fund the acquisition, however, AGCO has stated that it intends to issue equity to maintain existing credit ratios, although amounts and timing of issuance have not been made final.

Moody's puts AGCO on review

Moody's Investors Service put AGCO Corp. on review for possible downgrade including its senior secured revolving credit facility at Ba1, senior unsecured notes at Ba3 and senior subordinated notes at B1.

Moody's said the review follows AGCO's agreement to acquire Valtra Corp. for €600 million or approximately $670 million.

Financing has yet to be determined with the closing expected late in the fourth quarter upon receiving the necessary regulatory approvals.

The review will focus on the financial and integration risks associated with the acquisition as well as AGCO's ability to realize projected synergies, cut costs and generate an adequate return on capital. Moody's said it will also assess the ultimate capital structure of AGCO following the finalization of the financing package. AGCO has committed financing in place; however, the balance between debt and equity financing has yet to be determined. Moody's adds that AGCO has stated its intention to maintain its debt-to-capitalization ratio in the current 50% range.

S&P rates Oregon Steel notes B, loan B+

Standard & Poor's assigned a B rating to Oregon Steel Mills Inc.'s $305 million first mortgage notes due 2009 and a B+ rating to its $65 million senior secured credit facility expiring June 30, 2005. The outlook is negative.

S&P said the bank facility is rated one notch above the corporate credit rating reflecting the very strong likelihood of full recovery of principal under a default or bankruptcy scenario.

S&P withdrew its ratings on Oregon Steel on Aug. 6 at the company's request. The newly assigned ratings are one notch below the previous ratings, reflecting difficult industry conditions, weak operating results and declining liquidity.

The ratings reflect Oregon Steel's declining liquidity, high input costs, aggressive capital structure and volatile operating performance due to exposure to cyclical industries, particularly the oil and gas transmission pipeline business, as well as extremely difficult industry conditions.

S&P said that given the persistence of soft market conditions the company is unlikely to remain in compliance with its recently amended covenants, especially its minimum EBITDA requirement (based on the last 12 months) in the fourth quarter of 2003, which declines to $16 million in November and $14.5 million in December 2003.

The negative outlook reflects that Oregon Steel's ratings could be lowered in the near term if difficult market conditions persist and the company is unable to realize improvement in its selling prices and its product mix, if the company's lenders further limit its access to its revolving credit facility or there is continued usage on the facility.

Moody's cuts Oregon Steel

Moody's Investors Service downgraded Oregon Steel Mills, Inc. including cutting its $305 million 10% guaranteed first mortgage notes due 2009 to B2 from B1. The outlook is negative.

Moody's said the downgrades were prompted by a sharp reduction in Oregon Steel's profitability due to higher raw material and energy costs and a lack of orders for large diameter pipe; limited near-term prospects for significantly improved cash flow; and, as a result, heightened concerns about its liquidity.

While Oregon Steel's financial performance has always been volatile and heavily dependent on demand for large diameter welded pipe, it is experiencing a punishing combination of weak demand for its most important product and higher production costs. And while the higher costs for steel slabs, scrap and energy are shared across the steel industry and this has facilitated price increases for most products, the price increases have not been enough to offset the higher costs.

Furthermore, given low capacity utilization rates, it is unlikely that the steel industry will be able to raise prices in line with costs absent an increase in overall demand brought about by a more robust U.S. economy. In addition, higher natural gas prices have not yet translated into commitments for new pipeline projects.

Until economic activity picks up, Oregon Steel's financial performance may not improve appreciably from the first half of 2003. For the six months ended June 30, 2003, the company had an operating loss of $19 million and EBITDA of $5.6 million (in both cases excluding $36.1 million of fixed and other asset impairment charges taken in the second quarter) and generated $2 million in cash from operating activities, Moody's noted. For comparison, for all of 2002, Oregon Steel had $60 million of operating income, $106 million of EBITDA, and $54 million of cash from operating activities.

The company's weaker performance has reduced its liquidity and its liquidity may be insufficient if operating performance continues at the second quarter level. In August, Oregon Steel and its lenders agreed to amend its $75 million revolving credit facility so that it would continue to have access to the revolver. The amendments eased financial covenants through the facility's maturity date, June 30, 2005, and reduced the maximum credit amount to $65 million. Ongoing compliance with the new financial covenants is not ensured. For example, to satisfy the requirement that 12-month EBITDA be $14.5 million at December 31, 2003, EBITDA in the second half of 2003 must be $9 million. Failure to achieve that amount, or to comply with the other covenants, would require further negotiations with the lenders.

Moody's rates Advanstar add-on B3

Moody's Investors Service assigned a B3 rating to rating to Advanstar Communications Inc.'s proposed $50 million second priority senior secured notes due 2010 and confirmed the company's existing ratings including its $60 million senior secured revolving credit facility and $25 million senior secured term loan B at B2, existing $360 million second priority senior secured notes due 2010 at B3 and $160 million of senior subordinated notes due 2011 at Caa2. The outlook is stable.

Moody's said proceeds from the proposed notes will be used to finance a portion of Advanstar's $135 million acquisition of a portfolio of healthcare industry-specific magazines and related custom project services from The Thomson Corp. In addition to the $50 million in new notes, the company is expected to borrow $25 under its $60 million revolving credit facility. Importantly, the financial sponsor will contribute $60 million in equity. As a result, the financing structure will modestly reduce the company's debt leverage.

Following the transaction, Advanstar's ratings will continue to reflect the risks posed by its still high financial leverage and thin cash flow coverage of interest and the modest collateral coverage provided to noteholders by the underlying assets, Moody's said.

Moody's notes that with uncertain prospects for cash flow growth in some sectors and a relatively small universe of likely buyers, particularly given the current environment, EBITDA valuation multiples are likely to be constrained.

In addition, the ratings reflect the potential for the company to continue to pursue debt-financed acquisitions and the consequent financing and integration risks associated with such actions.

The ratings also incorporate risks related to the company's operating segments generally, including the costs associated with developing and launching new trade titles to drive future growth, exposure to the volatility in the business-to-business advertising environment, and the impact of business travel trends on trade show attendance and demand for floor space.

As a result of the Thomson transaction, concentration of revenue in the healthcare segment, which is heavily reliant on new drug launches, will exceed 30%.

However, the ratings draw strength from the prominent position that Advanstar has in many of its niche markets which represent a diverse set of industries. As a result of the acquisition, the company will have 10 additional titles that rank either number #1 or #2 in their segments, which brings the proportion of Advanstar's publications that are ranked either #1 or #2 to approximately 70%.

As of June 30, 2003 and pro forma for the acquisition, debt to EBITDA will be no higher than 6 times and cash flow coverage as measured by (EBITDA-capex)/interest thin at about of 1.7 times, Moody's said. Including the company's senior discount notes, pro forma leverage will be approximately 7 times.

S&P rates CanWest loan B+

Standard & Poor's assigned a B+ rating to CanWest Media Inc.'s C$940 million senior secured tranche D term loan bank facility due May 2009 and confirmed its existing ratings including its corporate credit at B+. The outlook is stable.

The tranche D term loan refinanced the B and C term loan tranches of the company's credit facility. CanWest Media estimates that the transaction will yield C$8.0 million of interest savings annually, S&P noted. The company had C$3.4 billion lease-adjusted debt outstanding at the end of the period (including C$755.0 million of pay-in-kind holding company notes).

CanWest's ratings largely reflect the company's high debt level, relatively weak credit measures and limited financial flexibility, S&P said.

The ratings are supported by the company's leading Canadian market position and the business diversity afforded by its newspaper publishing and television broadcasting assets, which help to mitigate the affect of the advertising-revenue and newsprint-cost cycles. Also factored into the ratings is the favorable regulatory environment that limits foreign competition and ownership.

CanWest Media's solid results in the first three quarters of 2003 (Aug. 31 year-end) reflect improving advertising market conditions, albeit growth has slowed somewhat in the third quarter due to a number of temporary external factors, such as the war in Iraq. The company has sold certain newspaper assets in August 2002 and in January 2003, thus actual revenue and EBITDA in the first three quarters of 2003 are below that of 2002. On a pro forma basis, however, revenues and EBITDA have increased by 5.5% and 11.4% in the first nine months of 2003.

Total debt (including holding company notes) to adjusted EBITDA should improve to 5.5x, and gross adjusted EBITDA interest coverage to close to 2.0x by the end of 2004, S&P said.

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