S&P ups United Components notes

Standard & Poor's said it raised its issue rating on United Components Inc.'s $230 million of 9 3/8% senior subordinated notes.

The issue rating was raised to B-, the same as the corporate credit rating, from CCC, the agency said, noting that the recovery rating was raised to 4 from 6, indicating that lenders can expect average recovery in the event of a payment default.

At the same time, the agency said it left its issue and recovery ratings unchanged on United Components' $330 million term loan D bank loan due 2012 and on parent company UCI Holdco Inc.'s $235 million of floating-rate payment-in-kind notes.

The issue-level rating on the term loan D facility remains at B+ and at CCC on the Holdco PIK notes, the agency said, adding that the recovery rating on the term loan D remains unchanged at 1 while the recovery rating on the Holdco PIK notes remains unchanged at 6.

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