S&P rates RPM notes BBB

Standard & Poor's said it assigned its BBB rating to RPM International Inc.'s $200 million senior notes due 2009 and affirmed its BBB corporate credit rating on the company.

The outlook remains negative.

Proceeds from the offering will be used to refinance existing debt, with most of the funds held as cash to retire $150 million of senior notes due in June 2005.

S&P said RPM International Inc.'s credit quality encompasses the company's diverse specialty coatings and materials businesses, its respectable long-term sales and earnings record, and satisfactory liquidity, tempered by subpar cash flow protection measures and risks associated with asbestos-related liabilities which are requiring meaningful outlays.

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