S&P lifts NDS Group

Standard & Poor's said it raised to A+ from BB- its long-term corporate credit rating on NDS Group Ltd.

At the same time, the agency said it removed the rating from CreditWatch with positive implications, where it was placed on March 20. The outlook is stable.

S&P said it subsequently withdrew the rating at the issuer's request. The agency said it also withdrew the BB issue ratings on the $1.05 billion equivalent term loans A and B and on the $75 million revolving credit facility issued by subsidiary NDS Finance Ltd., following their repayment in cash at the close of NDS' acquisition by Cisco Systems Inc.

The agency said the upgrade takes into account the integration of all NDS' operations into Cisco's Service Provider Video Technology Group division. The subsequent rating withdrawal was at the issuer's request.

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