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S&P puts U.S. Can on watch
Standard & Poor's said it placed its ratings on U.S. Can Corp. on CreditWatch with negative implications following the company's announcement that it has delayed filing its report for the quarter ended July 4 with lenders to its credit agreement and the SEC.
The delay results from an internal review being conducted to address accounting and financial reporting issues related to the operations of U.S. Can's aerosol can manufacturing facility in Laon, France.
Ratings placed on CreditWatch with negative implications include U.S. Can Corp.'s corporate credit rating of B and United States Can Co.'s senior secured second-priority notes (guaranteed by U.S. Can Corp.) rated CCC+ and subordinated debt (guaranteed by U.S. Can Corp.) rated CCC+.
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