S&P lifts VAC

Standard & Poor's said it raised the long-term corporate credit rating on VAC Holding GmbH to CC from SD, the €135 million senior secured notes issued by VAC Finanzierung GmbH due 2016 to CC from D with 4 recovery rating, and left the CCC issue ratings on the senior secured debt issued by VAC KG unchanged with 1 recovery rating.

The outlook is developing.

"The upgrade reflects our view on the completion of a distressed debt exchange for VAC Finanzierung GmbH's outstanding notes due 2016 by VAC's equity sponsor One Equity Partner," S&P analyst Anna Stegert said in a statement.

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