S&P may cut rating of Cone Mills stock

By Staff -- Home Textiles Today, 1/29/2003 2:54:00 PM

New York — Standard & Poor's Rating Services, one of the big three corporate credit agencies, said it may cut its ratings on Cone Mills Corp. and has put the textile producer on "CreditWatch with negative implications."

Cone Mills' long-term corporate credit and senior secured debt is currently rated "CCC+." As of Sept. 29, Cone had about $155.2 million in outstanding debt.

Cone is the nation's largest producer of denim fabrics used in producing jeans and is involved in the home furnishings market as North America's largest commission printer of decorative fabrics for other textiles producers in the drapery and upholstery trade. As part of an earlier restructuring, Cone sold off its John Wolf decorative fabrics business in August 2001.