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S.C. JOHNSON 'AA-' SENIOR DEBT, 'F-1+' COMMERCIAL PAPER AFFIRMED BY FITCH -- FITCH FINANCIAL WIRE --

S.C. JOHNSON 'AA-' SENIOR DEBT, 'F-1+' COMMERCIAL PAPER AFFIRMED BY
 FITCH -- FITCH FINANCIAL WIRE --
 NEW YORK, Feb. 24 /PRNewswire/ -- S.C. Johnson & Son, Inc.'s (SC Johnson Wax) $100 million "AA-" senior debt, $100 million "A+" preferred stock, and $250 million "F-1+" commercial paper program are affirmed by Fitch. There is minimal commercial paper currently outstanding. The credit trend is improving.
 Driven by its leading products RAID, OFF!, GLADE, EDGE, and PLEDGE, SC Johnson Wax has historically demonstrated consistently high profitability, cash flow, and returns on invested capital. However, the company reported a pre-tax loss during fiscal 1990 stemming from the establishment of a reserve to shut down its real estate subsidiary. All operations were reevaluated at that time with the goal of maximizing profitability and cash flow from each division. The actions taken are already having a marked impact on the company's financial performance with operating margins and returns on capital up substantially over prior years.
 SC Johnson Wax's commercial paper program funds annual inventory and receivable growth for the company's RAID and OFF! products. As such, the program is highly seasonal with an annual cleanup in the fall of each year.
 S.C. Johnson & Son, Inc., a privately held company founded in 1886, is a leading worldwide consumer products and specialty chemicals company. Headquartered in Racine, Wis., the company conducts operations in 21 states and 46 foreign countries.
 -0- 2/24/92
 /CONTACT: Thomas W. Hoens of Fitch, 212-908-0569/ CO: S.C. Johnson & Son, Inc. ST: Wisconsin IN: HOU SU: RTG SH -- NY023 -- 1774 02/24/92 09:58 EST
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Publication:PR Newswire
Date:Feb 24, 1992
Words:263
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