S&P boosts Unisys

Standard & Poor's said it raised its rating on Unisys Corp.'s $400 million of senior notes due 2012 to B from CC, and removed it from Creditwatch, where it was placed with developing implications on April 30.

In addition, the agency said it affirmed the B rating on the company's $300 million senior notes due March 2010. This rating is not on Creditwatch.

Due to the value and composition of the offers for the 2010 and 2012 notes, the agency said it does not view these exchanges as distressed.

S&P said it also revised the Creditwatch on the CC corporate credit rating and the CC rating on the $150 million notes due 2015 and $210 million notes due 2016 to negative from developing.

"Our rating actions follow the company's revised offers for all outstanding notes," said S&P credit analyst Martha Toll-Reed.

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