S&P lifts MIE Holdings

S&P said it raised the corporate credit rating on MIE Holdings Corp. to CCC- from SD (selective default) and raised the ratings on its notes to CCC- from D.

This follows the completion of an exchange offer to holders of the company's 2018 and 2019 notes, the agency said.

The ratings reflect a view that the company's non-repayment risk in the next six months remains high in the absence of unanticipated significantly favorable changes in the company's circumstances, S&P said.

The agency also said it believes MIE's capital structure is still unsustainable despite the recent completion of its exchange offer.

MIE's overall debt level remains high because the company used a secured facility, granted by a financial institution to make the distressed-exchange payment, S&P said.

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