S&P upgrades Luxlas Fund

Standard & Poor's said it raised Luxlas Fund LP's corporate credit rating and senior secured debt rating to B+ from B.

The 4 recovery rating on the company's $230 million term loan remains unchanged, indicating 30% to 50% expected recovery in a default.

The outlook is stable.

The upgrade reflects the company's improved financial risk profile stemming from its greater-than-expected debt reduction and improved credit measures since the acquisition of Clement Pappas, S&P said.

The ratings consider the consolidated company's narrow business and geographic focus, participation in the mature, low-growth and concentrated North American juice and drink markets and its exposure to volatile commodity costs, the agency said.

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