The Waterford Wedgwood glass & tableware maker has been assigned a B+ credit rating by the international ratings agency Standard & Poor's for its long-term credit, with a stable outlook. Standard & Poor's has also assigned a B- rating to Waterford Wedgwood's proposed contractually subordinated Euros 165M mezzanine notes which still have to be issued. Ratings are conditional on the completion of a Euros 38.5M equity issue that forms part of Waterford's recapitalisation. "These ratings reflect Waterford Wedgwood's highly leveraged financial profile as well as the seasonality, cyclicality & maturity of the niche upmarket tableware markets in which it operates," said Standard & Poor's credit analyst. "The factors are partly offset by the group's well-established positions, underpinned by strong brands & geographical diversity."
