S&P raises Exopack, assigns loan B

Standard & Poor's said it raised its corporate credit rating on Exopack Holding Corp. to B from B-.

The outlook is stable.

At the same time, the agency said it assigned a B rating and a 4 recovery rating to the company's proposed $95 million senior unsecured term loan maturing on Feb. 1, 2014.

The agency said it also raised the rating on the company's existing $220 million of 11¼% senior notes due 2014 to B from B-. The recovery rating remains unchanged at 4.

"The upgrade reflects Exopack's progress toward strengthening its financial profile," said S&P credit analyst Henry Fukuichi.

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