S&P ups Affinion Group, then withdraws rating

S&P said it raised its issuer credit rating on Affinion Group Holdings Inc. to CCC+ from SD (selective default). S&P then withdrew the issuer credit rating on Affinion and the ratings on its term loan and revolver at issuer's request.

The outlook is negative.

“The upgrade follows Affinion Group Holdings Inc.'s completion of its debt restructuring, which we viewed as a distressed exchange,” S&P said in a news release.

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