On May 6, 2004, Standard&Poor's Ratings Services revised its CreditWatch listing on the ratings of cookware and bake ware manufacturer WKI Holding Co. Inc., changing the implications to positive from negative. This follows WKI's April 30, 2004, announcement that it had signed a definitive agreement to sell its OXO International business to Helen of Troy Ltd. for $275 million in cash. WKI plans to use the proceeds from the sale to dramatically reduce debt. CreditWatch positive means that the ratings could be affirmed or raised following the completion of Standard&Poor's review. The ratings were originally placed on CreditWatch with negative implications on Nov. 24, 2003, reflecting Standard&Poor's concerns about challenging industry conditions and the
