S&P: DuPont Photomasks positive

Standard & Poor's said it placed its B+ corporate credit rating and B- subordinated debt rating on DuPont Photomasks Inc. on CreditWatch positive following the company's announcement that it has entered a definitive agreement to be acquired by Toppan Printing Co. Ltd. (A+/stable/--).

The transaction has been approved by the boards of both companies, and E.I. du Pont de Nemours and Co., which owns about 20% of DuPont's shares, has agreed to vote its shares in favor of the transaction.

Following the completion of the transaction, DuPont will become a wholly owned subsidiary of Toppan Printing. DuPont's operating headquarters will remain in Round Rock, Texas. S&P said the combined company is expected to become the industry's largest photomask supplier.

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