S&P affirms PPG Industries ratings

Standard & Poor's Ratings Services said today that it has affirmed its investment-grade long-term 'A' and short-term 'A-1' corporate credit ratings on diversified manufacturer PPG Industries Inc. and removed them from CreditWatch where they were placed on April 16, 2003.

The current outlook is negative.

Standard & Poor's said that the affirmation reflects the expectation that the company's meaningful exposure to unfunded postretirement benefit liabilities will not hamper the company's ability to further reduce its total adjusted debt. "Despite an expected slow overall economic expansion, PPG should continue to generate substantial discretionary cash flows for use in the lowering of its on-balance sheet debt, which will begin to offset the recent increase in unfunded postretirement benefit obligations, and result in an improvement to the company's overall debt leverage," said Standard & Poor's credit analyst Wesley E. Chinn

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