S&P ups Century Aluminum convertibles to BB-

Standard & Poor's said it raised its rating on Century Aluminum Co.'s $150 million 1.75% convertible notes due 2024 to BB- from B and removed it from CreditWatch.

At the same time, S&P affirmed its BB- corporate credit rating on the company.

S&P said the rating upgrade on the convertible notes follows Century obtaining guarantees on the notes from its primary domestic subsidiaries, resolving structural subordination concerns. The rating was placed on CreditWatch with positive implications on Aug. 9.

S&P also affirmed its BB- rating on Century's $250 million senior unsecured notes due 2014 and BB rating and recovery rating of 1 on the company's $100 million senior secured revolving credit facility due 2006. The outlook is stable.

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