S&P comments on PPG Industries

Standard & Poor's Ratings Services said that PPG Industries Inc.'s announcement that its fourth quarter earnings will fall below analysts' forecasts will not affect its ratings on the company.

The current earnings environment is making it difficult for the company to strengthen the key funds from operations to total debt ratio from substandard levels. Moreover, PPG must contend with long-term payments to an asbestos settlement trust once 50%-owned Pittsburgh Corning Corp.'s bankruptcy reorganization plan is approved and is no longer subject to appeal. Still, a major support for the ratings is management's commitment to continue using the company's strong discretionary cash flow to reduce debt in 2003. Any faltering of this debt reduction initiative could lead to a negative adjustment of the rating in the future.

600450 S&P comments on PPG Industries glassonweb.com

See more news about:

Others also read

Apogee Enterprises Inc. reported level sales but an increase in earnings for the third quarter of its fiscal 2003. Bloomington-based Apogee, which makes glass products and services, said the earnings increase was mainly the result of improvements in its architectural glass business.
William A. Wulfsohn, vice president and general manager of Nylon System for Honeywell International, has been named vice president of European coatings for PPG Industries (NYSE:PPG) and managing director of PPG Europe. "Bill will play a vital role in helping our European coatings businesses achieve their full potential," said Michael A.
Bystronic is to take over Armatec Vierhaus GmbH with effect from 1 January 2003. For Bystronic, a global supplier of system solutions for the manufacture of architectural and automotive glass, the takeover of Armatec, which specialises in laminated safety glass and handling systems, ideally complements the Bystronic portfolio.
The butterflies at Melbourne Zoo have gone upmarket with a new accommodation wing featuring Pilkington glass.
Owens-Brockway Glass Container Inc., an indirect wholly-owned subsidiary of Owens-Illinois, Inc., (NYSE: OI) announced today that is has closed on the sale of $175 million principal amount of its 8-3/4% Senior Secured Notes due November 15, 2012.
Southwall Technologies Inc. (NASDAQ: SWTX), a global developer, manufacturer and marketer of thin-film coatings for the automotive glass, electronic display and architectural markets, has named Michael E.

Add new comment