The ratings on WKI Holding Co. Inc. reflect its significant debt leverage, participation in the highly competitive housewares industry, customer concentration risk, seasonality, and the potential lingering impact of its bankruptcy filing on its relationships with customers and suppliers. Somewhat mitigating these risks are the company's solid market position in the mature housewares industry and its portfolio of recognized brands. Reston, Va.-based WKI participates in the highly competitive housewares industry, manufacturing and marketing consumer bakeware, dinner ware, kitchen tools, rangetop cookware, and cutlery products. Although a small niche player in the industry, the firm holds a market share of about 12% in these categories. The firm's portfolio ranges from high-margined premium branded products to low-margined commodity-type products, and this diversity
