S&P's Dresser ratings unaffected

Standard & Poor's said that Dresser Inc.'s (B+/negative watch) announcement that it could potentially be delayed in filing its 10-K report for 2005 beyond April 17 would not immediately affect the company's ratings. Dresser's ratings remain on CreditWatch with negative implications, where they were placed in March 2005 after the company announced it would delay filing its 10-K report for 2004.

If the April 17 filing date is not met, the company would seek another extension of its financial statement delivery requirements from the lenders under its senior secured credit facility, as well as under its senior unsecured term loan.

S&P said it expects to resolve the CreditWatch listing on Dresser's completion of the filing process. If Dresser cannot successfully complete the filing in a timely fashion or experiences difficulty in receiving extensions from lenders, ratings may be lowered.

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