NY -- Standard&Poor's CreditWire 4/24/98 -- Standard&Poor's today assigned its single-'B' rating to Corning Consumer Products Co.'s $200 million senior subordinated notes due 2008 and its double-'B'-minus rating to the company's $475 million credit facility. A corporate credit rating of double-'B'-minus was also assigned. The outlook is stable. Proceeds of the notes and the credit facility are being used to ultimately fund the acquisition of the company by the parent of Borden, Inc. which took place on April 1, 1998. Borden's corporate credit rating is double-'B'-plus. Based on the affiliate relationship between Borden and Corning, and the precedent of Borden providing funds to finance a portion of the acquisition, Corning's ratings benefit from Borden's stronger credit
