Standard and Poor's Corp said it hasplaced Reichhold Chemicals Inc's BBB-minus rated subordinated
debt on Creditwatch with developing implications following
Dainippon Inc and Chemicals Inc's unsolicited bid for
Reichhold. About 60 mln dlrs of debt is affected.
    S and P said that, if Dainippon is successful, it is likely
to discontinue its surveillance of Reichhold's debt, since
sufficient credit information probably will not be available. A
similar approach exists with respect to Polychrome Corp, which
was acquired by Dainippon several years ago.
 Reuter
