S&P lifts MIPL Holdings

Standard & Poor's said it raised the long-term issuer credit rating on MIPL Holdings Ltd. (Mondrian) to BB+ from BB.

The outlook is stable.

The upgrade reflects substantial improvement to Mondrian's debt leverage and interest coverage ratios due to disciplined debt repayments, S&P said, as well as an expectation that these metrics will continue to improve.

The agency said it believes that Mondrian will continue to reduce its debt at a steady pace through voluntary repayments.

S&P also said it anticipates that the company will continue to make distributions to retired partners or pensioners, but only after accounting for the above-noted debt repayment activities and out-of-excess earnings.

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