NEW YORK (Standard&Poor's) Aug. 29, 2001--Standard&Poor's today lowered its corporate credit and senior secured bank loan ratings on WKI Holding Company Inc. to triple-'C' from single-'B'. At the same time, the subordinated debt rating was lowered to double-'C' from triple-'C'-plus. The ratings are removed from CreditWatch, where they were placed Sept. 6, 2000. The outlook is negative Total debt as of June 30, 2001 was about $800 million. The downgrade reflects WKI Holding's limited liquidity position and continued weak 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 credit protection measures that are below Standard&Poor's expectations. Current liquidity
