S&P upgrades Energy Future, subsidiaries

Standard & Poor's said it raised its corporate credit ratings on Energy Future Holdings Corp., Energy Future Intermediate Holding Co. LLC, Texas Competitive Electric Holdings Co. LLC and Energy Future Competitive Holdings Co. to CCC from D following the completion of several debt exchanges, each of which are considered distressed.

At Energy Future Holdings, S&P raised the rating on the small remaining 10% senior secured notes due 2020 and 9¾% senior secured notes due 2019 to CC, revised the recovery rating to 6 from 1 and affirmed the D rating and 6 recovery score on the 10 7/8% senior cash pay notes due 2017 and Energy Future Holdings' 11¼%/12¼% senior toggle notes due 2017.

At Energy Future Intermediate, S&P raised the rating on the small remaining 9¾% senior secured notes due 2019 to CC and revised the recovery rating to 6 from 1.

At Texas Competitive, the agency raised the rating on the $1,409,000,000 senior secured revolving credit facility due 2016 to CCC from CC and left the 3 recovery rating unchanged.

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