S&P lifts Technicolor, debt

Standard & Poor's said it raised its long-term corporate credit ratings on Technicolor SA and its subsidiary, Thomson Licensing SAS, to B+ from B.

At the same time, the agency affirmed its B short-term corporate credit rating on the Technicolor.

The outlook is stable.

S&P also raised its issue rating on Technicolor's senior secured debt to B- from CCC+ and left the 6 recovery rating on this debt unchanged.

The agency raised its issue rating on senior secured debt issued by Thomson Licensing, fully and indirectly-owned by Technicolor, and Tech Finance & Co. SCA, to B+ from B. The 3 recovery rating on Thomson's debt remains unchanged.

S&P said the rating action reflects its view of Technicolor's "weak" business risk profile and improving "significant" financial risk profile. The agency revised its assessment of the group's financial risk upward to "significant" from "aggressive" based on its forecast of improving financial metrics over the next two years.

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