S&P boosts Impress

Standard & Poor's said it raised its long-term corporate credit rating on Impress Holdings BV to B+ from B, reflecting the group's continued operational improvements.

At the same time, S&P said it raised its ratings on the €615 million and $175 million in senior secured notes to B+ from B and the €250 million senior subordinated notes to B- from CCC+.

The outlook is stable.

The rating action follows continued improvement in Impress' operating performance, owing to its successful recovery of raw-material prices, meaningful restructuring gains and a better pricing environment, the agency added.

According to S&P, the ratings on Impress reflect the company's strong European market positions in aluminum- and steel-based packaging for food products and in decorative and protective finishes, stable revenue streams from relatively recession-resistant markets and long-standing relationships with key customers while offsetting these factors is Impress' highly leveraged financial profile.

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