S&P raises Nalco Co.'s credit rating

By Associated Press
September 5, 2008 | Comments (0)

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Standard & Poor's on Friday upgraded its corporate credit rating on Nalco Co., citing bright prospects for the company to generate steady earnings and cash.

S&P raised the Naperville, Ill.-based company's rating from "BB-" from "B+," both of which are considered non-investment grade. The ratings firm maintains a "Stable" on the company.

Nalco Co., a unit of Nalco Holding Co., is a provider of chemicals for water treatment and industrial processes.

The ratings upgrade reflects S&P's assessment that Nalco has been able to sustain operating profitability despite some market downturns.

Still, S&P noted that the company's earnings may be tempered by difficult operating conditions in its paper services segment, particularly in Europe.

The ratings firm also said Nalco's "significant" debt load will limit further upgrades on its ratings.

Nalco shares rose 12 cents to $22.47 Friday.

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