S&P lifts Eco-Bat

Standard & Poor's said it raised its long-term corporate credit rating on Eco-Bat Technologies Ltd. to B+ from B, reflecting the group's improved financial risk profile.

The outlook is stable.

At the same time, S&P said it raised its senior unsecured debt rating on the €235 million 10.125% bonds due 2013 issued by Eco-Bat Finance plc to B from B-.

In addition, the agency said it raised its long-term corporate credit rating on intermediate parent holding company EB Holdings Inc. to B+ from B, adding that the long-term senior unsecured debt rating on the €250 million 10% callable payment-in-kind notes due 2015 issued by EB Holdings was raised to B- from CCC+.

The upgrade reflects Eco-Bat's strengthened cash flow generation as a result of positive lead market conditions, although we continue to regard Eco-Bat's financial risk profile as highly leveraged, the agency added.

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