Yesterday, S&P placed its ratings for Pilkington on CreditWatch with negative implications.
'If Nippon Sheet Glass needs a high level of financing for a successful bid, depending on the financing vehicle, the rating on the company could be negatively affected,' S&P said.
Although Nippon Sheet Glass is the largest shareholder in Pilkington, with a 20 pct stake, so far no clear synergy between the two companies has been identified, the ratings agency said.
'Nippon Sheet Glass may require 300 bln yen for the acquisition, according to media reports. If this is the case, the company's financial profile will be affected negatively under certain financing schemes and its credit quality will likely deteriorate,' S&P said.