Fitch downgrades Omnova's debt rating

CHICAGO (March 8)—Fitch Ratings has lowered the senior secured debt rating for Omnova Solutions Inc. to "BB+" from "BBB-." The move was based on the Fairlawn, Ohio-based company's weakened financial position and credit statistics and a concern that improvement in financial performance may not be sufficient to justify an investment grade rating, Fitch said. Although Omnova's earnings and credit statistics are expected to improve in 2002, the boost could be modest if demand and margin improvements are not strong, Fitch said. Omnova's ratings also have been removed from "Rating Watch Negative" and assigned a "Stable Rating Outlook."