S&P rates Carmeuse loans BB+

Standard & Poor's said it affirmed the BB+ long-term corporate credit rating on Carmeuse Holding SA, reflecting an expected improvement in financial profile in 2008 after the debt-funded Oglebay Norton acquisition. All ratings were removed from CreditWatch, where they were placed on Oct. 15 with negative implications.

The outlook is negative.

S&P said it assigned BB+ ratings to Carmeuse Holding SA's $450 million multicurrency term facility, €195 million revolving facility and €350 million bridge loan.

The affirmation reflects expectations that Carmeuse's financial profile will improve in 2008, the agency said, based on management's commitment to restore financials and sell non-core assets to trim leverage.

From a business standpoint, S&P said Carmeuse's business profile would be helped by the acquisition through access to important limestone reserves in the United States.

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