S&P: Royal Group on watch

Standard & Poor's said it placed its BB long-term corporate credit and senior unsecured debt ratings on Royal Group Technologies Ltd. on CreditWatch with negative implications.

The CreditWatch placement follows Royal Group's announcement that the filing of its audited financial statements for 2005 will be delayed for up to 60 days, the agency said.

S&P noted that Royal Group's liquidity is tenuous, adding that the company experiences a sharp seasonal increase in working capital requirements during March and April.

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