S&P lifts Sonneborn secured debt

S&P said it reviewed the recovery and issue-level ratings for Sonneborn Holdings LP and its subsidiaries, Sonneborn Dutch Holdings BV, Sonneborn LLC and Sonneborn Refined Products BV, which were considered under criteria observation after the agency published revised recovery ratings criteria Dec. 7.

With the criteria review complete, S&P said it revised the recovery rating on the company's senior secured debt to 2 from 3 and raised the issue-level rating to B+ from B.

The 2 recovery rating indicates 70% to 90% expected default recovery.

These rating actions stem solely from the application of the revised recovery criteria and do not reflect any change in the assessment of the corporate credit ratings for issuers of the affected debt issues, S&P said.

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