S&P ups Travelport

Standard & Poor's said it raised the long-term corporate credit ratings on Travelport Holdings Ltd. and its indirect subsidiary, Travelport LLC, to B- from selective default (SD).

The outlook is stable.

The agency also said it upgraded its $1.681 billion of senior secured debt facilities to B from CCC- with a recovery rating of 2, along with its $1.1 billion senior unsecured notes to CCC+ from C with a recovery rating of 5.

S&P also said it downgraded its $135 million and $287.5 million subordinated payment-in-kind loans to CCC from default (D). The recovery rating is unchanged at 6.

The group's other subordinated debt instruments were downgraded to CCC from C with recovery ratings of 6.

The agency also said it assigned a CCC rating to Travelport's new $207.5 million second-lien term loan due December 2016, along with a recovery rating of 6.

The upgrades follow the completion of Travelport group's capital restructuring and reflect a view that the restructuring has improved Travelport's liquidity position, S&P said.

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