S/P MAY UPGRADE WAINOCO OIL <WOL>
Standard and Poor's Corp said it may
upgrade Wainoco Oil Corp's 25 mln dlrs of C-rated subordinated
debentures due 1998.
    S and P cited the company's proposed offering of two mln
units of common stock and warrants, which would raise 25 mln to
30 mln dlrs that would be used to retire bank debt.
    The offering would also result in a significant
strengthening of the company's capital structure, S and P
pointed out. However, the agency said it would also consider
depressed industry conditions and Wainoco's ability to operate
in that environment. Its implied senior debt rating is CCC.
 Reuter
