S&P lifts Rockwood, notes to BBB-

Standard & Poor's said it raised its ratings on Rockwood Specialties Group Inc., including the corporate credit rating to BBB- from BB+.

The outlook is stable.

The agency also raised its rating on the company's $1.2 billion unsecured notes to BBB- from BB+. The 3 recovery rating on the unsecured notes was withdrawn because the debt is now investment-grade.

"The upgrade reflects our view that the company's financial risk profile will strengthen given the increased likelihood that it will execute successfully its approximately $1.3 billion sale of TiO2 and other allied businesses," S&P credit analyst Paul Kurias said in a news release.

The company recently announced that a key regulatory approval was obtained (on a conditional basis) for the sale.

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