LONDON -- Standard&Poor's CreditWire 5/14/98 -- Standard&Poor's today placed its triple-'B'-plus corporate credit and senior unsecured ratings on Philips Electronics N.V. (Philips) on CreditWatch with positive implications. The action follows today's confirmation of discussions with The Seagram Co. Ltd. (single-'A'/Negative/--) about a possible transaction involving the disposal of Philips' 75% stake in PolyGram N.V. (Polygram), the world's leading music group. The disposal will increase Philips' exposure to consumer electronics, semiconductors, electronic components, lighting, and medical systems, but it comes at a time when the company is showing positive signs from a major restructuring program begun in 1996. In 1997 group sales increased by 10% to Dutch guilder (DFL) 76.5 billion (about US$37.3 billion) and operating profit
