Business Services Industry
S&P Downgrades Insurer UnumProvident's Debt to Junk.
Knight Ridder/Tribune Business News, May, 2004
By Mike Pare, Chattanooga Times/Free Press, Tenn. Knight Ridder/Tribune Business News
May 7--UnumProvident Corp.'s debt was downgraded Thursday to junk status by a rating agency, an action that could increase borrowing costs and possibly scare away business.
"We're very disappointed," said Thomas R. Watjen, the Chattanooga-based disability insurer's president and chief executive.
Investors pushed down the company's stock price Thursday by nearly 7.5 percent, or $1.19 per share, to close at $14.74 per share on the New York Stock Exchange.
Standard & Poor's announced the downgrade a day after the company reported a $569.3 million operating loss, or $1.93 per diluted common share. UnumProvident took a $967 million before-tax...
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