S&P: Interpool remains on negative watch

Standard & Poor's said that its ratings on Interpool Inc. (BB/Watch negative/-) remain on CreditWatch with negative implications, where they were placed on Oct. 10.

Interpool, a leading lessor of chassis and marine cargo containers, has faced problems over the past year relating to accounting restatements and delayed filings of financial statements, but it appears to be making progress in addressing those issues. On Jan. 9, the company filed its 2002 10-K, including restated 2000 and 2001 financial statements, with the Securities and Exchange Commission.

Interpool had indicated, from the beginning, that it expected the impact of the restatements on earnings and equity to be modest. For 2000, restated revenues rose by $45.3 million and net income by $200,000; for 2001, restated revenues rose by $33.6 million, and net income declined by $14.4 million.

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