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S&P upgrades Verso Paper, rates notes B-
Standard & Poor's said it raised its corporate credit rating on Verso Paper Holdings LLC to B from SD. The outlook is stable.
At the same time, the agency said it raised its issue-level rating on the company's 11 3/8% senior subordinated notes due 2016 to CCC+ from D.
The agency said it also assigned its BB- issue-level rating to the company's $271.6 million 11æ% senior secured notes due 2019. The agency assigned a recovery rating of 1 to the notes, indicating an expectation of very high recovery in the event of default.
"The rating actions follow Verso Paper's completed exchange offers for a portion of its senior subordinated notes due 2016 and floating rate notes due 2014," said S&P credit analyst Tobias Crabtree in a news release.
According to S&P, the two exchange offers reduced Verso Paper's debt level by approximately $53 million and extended the maturity of a portion of its debt to 2019.
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