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S&P upgrades Rockwood, rates loan BBB-
Standard & Poor's said it raised the corporate credit rating on Rockwood Specialties Group Inc. to BB+ from BB.
The agency also said it assigned a BBB- rating to Rockwood's proposed $350 million first-lien senior secured term loan A. A recovery rating of 2 was assigned, indicating 70% to 90% expected recovery in a default.
The recovery rating on the company's existing senior secured debt was revised to 2 from 1.
The rating on existing senior secured debt remains at BBB-.
The outlook is stable.
The agency also said it raised the rating on Rockwood's existing subordinated debt to BB- from B+ and maintained the recovery rating at 6, indicating 0% to 10% expected recovery in a default.
The upgrades reflect improvements in Rockwood's leverage-related pro forma credit metrics and an expectation that Rockwood's satisfactory business profile and prudent financial policy will sustain credit metrics at levels appropriate for the ratings, S&P said.
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