S&P upgrades Edwards

Standard & Poor's said it raised the long-term corporate credit rating on Edwards Group Ltd. to B+ from B and the $100 million super-senior revolving credit facility issued by Edwards (Cayman Islands II) Ltd. to BB from BB- with 1 recovery rating, indicating expectation of 90% to 100% recovery.

S&P also raised the issue rating on the $430 million first-lien term loan issued by Edwards (Cayman Islands II) to B+ from B with 3 recovery rating, indicating expectation of 50% to 70% recovery.

The agency raised the issue rating on the $185 million second-lien payment-in-kind toggle loan to B- from CCC+ with 6 recovery rating, indicating expectation of 0% to 10% recovery.

The outlook is stable.

"The upgrade reflects Edwards' operating results in the second and third quarters of 2010, which were significantly better than we anticipated," S&P analyst Matthias Raab said in a statement.

The upgrade also reflects the view that the improving trends in profitability and free cash flow are likely to be sustainable over the next 18 months, supported by currently favorable industry conditions and the company's ongoing restructuring activities and growth initiatives, the agency said.

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