S&P upgrades Rockwood

Standard & Poor's said it raised Rockwood Specialties Group Inc.'s corporate credit rating to BB- from B+, its revolving credit facility and term loans to BB+ from BB- and its subordinated notes to B from B-.

The recovery rating was changed to 1 from 2 for the bank loans and remains 6 for the notes.

The outlook is stable.

The agency said the upgrade reflects improvements to the company's leverage-related credit metrics, due to higher earnings and cash flow in 2010, and lower debt levels relative to a year ago.

The ratings continue to reflect the company's aggressive financial profile and a satisfactory business risk profile, S&P said, adding that leverage has improved and is at levels appropriate for the rating.

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