S&P ups, affirms Eye Care Centers

Standard & Poor's said it revised its recovery rating on Eye Care Centers of America Inc.'s $150 million subordinated notes due 2015 to 5 from 6. The issue-level rating on this debt issue remains at B-. The issue-level rating on Eye Care Centers' secured loan remains at BB, and the recovery rating on the secured loan remains unchanged at 1.

S&P said that it affirmed all other ratings on the company, including its B+ corporate credit rating.

The outlook is stable.

The ratings reflect Eye Care Centers' lowered debt levels, S&P said. The stable outlook reflects expectations for revenue growth to be in low-single digits, margins to remain in line with historical levels and slight deterioration in the company's credit protection profile.

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