S&P lifts Bite Lietuva

Standard & Poor's said it raised the long-term corporate credit ratings on UAB Bite Lietuva and on its 100% owner, Bite Finance International BV, to B from B-.

The agency also said it removed the ratings from CreditWatch, where it was placed with positive implications in January.

The outlook is stable.

The issue rating on the €200 million senior secured floating-rate notes issued by Bite Finance is B, in line with the company's corporate credit rating, S&P said.

The upgrades reflect the extended maturity profile of Bite's debt with no maturity until 2017, the agency said, and its adequate liquidity.

The proceeds of the proposed notes were used to repay the €172 million notes due 2014, the outstanding subordinated floating-rate notes due 2017, the outstanding revolving credit facility due in June 2013 and a payment-in-kind note, S&P said.

Bite's profitability is expected to further improve in 2013 because the company could benefit from growth in its Latvian operations if it continues to gain market share, the agency said.

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