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S&P ups Verso Paper
Standard & Poor's said it raised Verso Paper Holdings Inc.'s corporate credit rating to B from B- and removed them from positive CreditWatch, where they were placed in December.
The outlook is stable.
The agency also said it raised the company's senior secured debt to BB- from B+, the second-lien notes to B from B- and unsecured debt (subordinated debt and term loan at the holding company level) to CCC+ from CCC. The recovery ratings are unchanged.
The upgrade reflects an assessment that market conditions will improve through 2011, due to a recovery in the U.S. economy, leading to modestly higher demand and sales price increases for Verso, S&P said.
The agency also said it expects the improvement in the company's credit measures to continue in the near term.
The ratings also incorporate the expectation that Verso will maintain adequate liquidity, S&P said, and it benefits from no meaningful debt maturities in the next three years.
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