S&P puts Lucite International on watch

Standard & Poor's said it placed its BB long-term corporate credit rating on Lucite International Group Holdings Ltd. on CreditWatch with negative implications on news of the group's potential recapitalization.

The B+ ratings on Lucite's 10.25% bonds due 2010 were affirmed, the agency said, adding that the CreditWatch status reflects the potential weakening of Lucite's cash flow protection ratios and overall financial situation, as this recapitalization could lead to a material additional debt burden.

The affirmation of the rating on the 2010 bonds reflects the agency's expectation that the bonds would be fully refinanced with the new recapitalization debt.

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