S&P boosts Technicolor

Standard & Poor's said it raised its long- and short-term corporate credit ratings on Technicolor SA (formerly Thomson SA) to CCC-/C from D/D.

At the same time, S&P said it placed these ratings on Creditwatch with positive implications.

Following Technicolor's debt exchange, the agency said it has withdrawn the ratings on the company's former junior subordinated and senior unsecured debt and its commercial paper.

"Our rating action follows Technicolor's completion of its balance sheet restructuring, after its €347 million rights issue and the reinstatement of its debt on May 26, 2010," said S&P credit analyst Leandro De Torres Zabala.

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