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S&P raises Rockwood
Standard & Poor's said it raised its ratings on Rockwood Specialties Group Inc., including its corporate credit rating to BB- from B+.
The outlook is stable.
At the same time, the agency said it raised its rating on Rockwood's senior secured debt, consisting of a revolving credit facility and term loans, to BB+ from BB-.
The BB+ rating is two notches above the corporate credit rating.
S&P said it also revised the recovery rating on the senior secured debt to 1 from 2.
In addition, the agency said it raised the rating on the company's subordinated notes to B from B- while the 6 recovery rating on the subordinated notes remains unchanged.
"Our rating action reflects improvements to the company's leverage-related credit metrics, due to higher earnings and cash flow in 2010, and lower debt levels relative to a year ago," said credit analyst Paul Kurias.
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