S&P lifts ISS outlook

Standard & Poor's said it revised its outlook on ISS A/S and its subsidiaries ISS Global A/S and ISS World Services A/S to positive from stable.

At the same time, the agency said it affirmed its BB- long-term corporate credit rating on ISS, ISS Global and ISS World Services.

In addition, S&P said it raised its issue and recovery ratings on the €525 million senior secured notes issued by orphan special-purpose vehicle ISS Financing plc, due in 2014, to BB+ and 1, respectively, from B and 6.

The agency said it also affirmed its B issue rating and 6 recovery rating on ISS' €581.5 million subordinated facility, due 2016, and on the €110.4 million issuance by ISS Global under the €2 billion unsecured euro medium-term note program, due 2014.

S&P said the outlook revision reflects its view that ISS' credit metrics will improve pro forma for the redemption of the €525 million senior secured notes due 2014. The agency said it forecasts that S&P's-adjusted total debt will decline from Kr. 36.5 billion as of Dec. 31, 2011 to a little more than Kr. 32 billion on Dec. 31, 2012.

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