S&P upgrades Viskase, rates notes B-

Standard & Poor's said it raised its corporate credit rating on Viskase Cos. Inc. to B- from CCC+ and removed all ratings from CreditWatch with positive implications.

The outlook is positive.

S&P said it also assigned a B- issue-level rating to the company's proposed $160 million senior secured notes due 2017. The notes have a recovery rating of 3.

Steady demand and limited global production capacity have helped Viskase improve its earnings and operating margins, resulting in an improved financial profile, the agency said.

S&P said the positive outlook indicates the expectation of sustained EBITDA generation, positive free operating cash flow over the coming year and the potential for further improvement to credit quality.

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