S&P upgrades Rain CII Carbon

Standard & Poor's said it raised its long-term corporate credit rating Rain CII Carbon LLC to BB- from B+. The outlook is stable.

At the same time, the agency said it raised the issue rating on the company's senior secured notes to BB from BB-. The agency said it also affirmed the recovery rating on the notes at 2.

"We raised the rating on RCCL because we expect the company's operating performance to remain strong in fiscal 2012, after a likely better-than-expected performance this year," said S&P credit analyst Vishal Kulkarni in a news release. "Our view is based on the likelihood of healthy demand for CPC due to steady aluminum production volumes."

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