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S&P upgrades Ypso
Standard & Poor's said it raised the long-term corporate credit rating on Ypso Holding Sarl to B from CCC+.
The agency also said it removed the rating from CreditWatch with positive implications, where it was placed in July.
The outlook is negative.
S&P also said it affirmed the B issue rating on the €360.2 million senior secured notes issued by Numericable Finance & Co. SCA, along with the B rating on the €360.2 million C facility, on lent with the issue proceeds to Ypso France SAS, a direct subsidiary of Ypso Holding Sarl.
The recovery rating on the C facility is unchanged at 3, indicating 50% to 70% expected recovery in a default.
The upgrades follow news of Ypso's successful issue of €360.2 million of senior secured notes due in 2019 and the two-year extension of a large part of its exposure under existing credit facilities in 2012 to 2014, S&P said.
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