S&P boosts Bite

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

The outlook is stable.

At the same time, the agency said it raised the rating on Bite Finance International's outstanding subordinated notes to CCC- from CC and the rating on the group's €190 million of senior secured notes to CCC from CCC-.

"The upgrades reflect its view that the risk of an immediate covenant breach has receded following an amendment to Bite's maintenance financial covenants earlier in 2010," said S&P credit analyst Michael OBrien.

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