NEW YORK (Standard&Poor's) May 2, 2002--Standard&Poor's said today it lowered its rating on kitchenware manufacturer WKI Holding Co. Inc.'s $200 million 9 5/8% subordinated notes to 'D' from single-'C' following the nonpayment of interest on the notes due May 1, 2002. Standard&Poor's also lowered the corporate credit rating to 'D' from double-'C'. At the same time, Standard&Poor's affirmed its double-'C' rating on the company's senior secured bank loan. Total debt at Dec. 31, 2001, was about $820 million. "The company was restricted from making the interest payment on the subordinated notes because it would have caused the temporary waiver of the bank covenant defaults to expire," said Standard&Poor's credit analyst
