S&P affirms Sequa

Standard & Poor's said it affirmed the B- rating on Sequa Corp.'s $500 million 11¾% senior unsecured notes due 2015 and $211.4 million 13½% senior pay-in-kind notes due 2015 with a 5 recovery rating.

The B long-term corporate credit rating reflects a highly leveraged financial profile, very weak credit protection measures, modest profitability and risks associated with the cyclical and competitive airline industry, S&P said.

Those factors outweigh Sequa's major positions in niche markets, the agency said.

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