NEW YORK (Standard&Poor's CreditWire) Feb. 26, 2001-- Standard&Poor's today lowered its corporate credit and senior bank loan ratings for WKI Holding Company Inc. to single-'B' from single-'B'-plus. At the same time, the subordinated debt rating was lowered to triple-'C'-plus from single-'B'-minus. The revised ratings remain on CreditWatch with negative implications, where they were placed Sept. 6, 2000. Total debt as of Sept. 30, 2000 was about $775 million. The downgrade reflects WKI Holding's limited liquidity position and weakened operating and financial performance following the 1999 acquisitions of EKCO Group Inc. and General Housewares Corp. Reduced earnings and increasing debt levels have resulted in lower debt protection measures, which are weak for the rating. In addition, the
