NEW YORK (Standard&Poor's CreditWire) Sept. 6, 2000--Standard&Poor's today lowered its corporate credit and bank loan ratings for WKI Holding Company Inc. to single-'B'-plus from double-'B'-minus. At the same time, the subordinated debt rating was lowered to single-'B'-minus from single-'B'. The revised ratings were placed on CreditWatch with negative implications. Total debt as of June 30, 2000, was about $747 million, inclusive of $50 million of accounts receivable sold to Borden Inc., an affiliate of WKI Holding's parent. 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 will result in lower debt protection measures
