S&P may cut Worthington

Standard & Poor's said it placed the BBB corporate credit rating on Worthington Industries Inc. on CreditWatch with negative implications.

The watch reflects expectation that very low volumes compared with historical levels and a highly competitive environment will result in weak performance into 2010, according to the agency.

"Two of the company's key end markets, steel processing, which has high exposure to U.S. automotive manufacturers, and metal framing, which services the construction industry, have experienced substantial declines in the current downturn," S&P analyst Marie Shmaruk said in a statement.

"As a result, the company's operating results and financial metrics will likely be inconsistent with the current rating."

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