S&P: Sirva on watch

Standard & Poor's said it placed its ratings on Sirva Inc., including the BB corporate credit rating, on CreditWatch negative.

Also on watch are Sirva Worldwide Inc.'s BB senior secured bank loan rating and North American Van Lines Inc.'s B+ subordinated debt rating.

S&P said the CreditWatch placement follows Sirva's announcement that charges related to its insurance and European businesses will be higher than previously anticipated, that its year-end financial statement will be delayed and that it will incur significant expenses in 2005 to address financial control weaknesses.

The CreditWatch placement reflects Sirva's disclosure of additional extraordinary charges, significant costs related to improved financial control to be incurred in 2005 and recent earnings pressure, S&P noted.

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