S&P drops Invista to BB+

Standard & Poor's said it lowered its corporate credit rating on Invista BV to BB+ from BBB-.

At the same time, the agency affirmed its BBB rating (two notches above the corporate credit rating) on subsidiary Invista Sarl's senior secured debt and assigned a 1 recovery rating to this debt, indicating an expectation for very high (90% to 100%) recovery in the event of a payment default.

All ratings were removed from CreditWatch, where they were placed with negative implications on Nov. 26.

The outlook is stable.

"Our corporate credit rating on Invista incorporates a one-notch uplift from its bb stand-alone credit profile [SACP], resulting in a one-notch downgrade," S&P credit analyst Cynthia Werneth said in a news release.

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