S&P: Euramax on negative watch

Standard & Poor's said it placed its BB- corporate credit and B subordinated debt ratings on Euramax International Inc. on CreditWatch with negative implications.

S&P said the CreditWatch placement followed the company's announcement that it has entered into an agreement and plan of merger with GSCP EMAX Acquisition LLC. GSCP EMAX is a newly formed company organized by Goldman Sachs Capital Partners and management of Euramax, in which, among other things, GSCP EMAX will acquire all outstanding stock of Euramax.

As part of the transaction, Euramax intends to redeem all of its 8.5% senior subordinated notes due 2011.

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