S&P lifts HellermannTyton

Standard & Poor's said it raised its long-term corporate credit rating on HellermannTyton Group plc to BB from BB-. The outlook is stable.

At the same time, S&P raised the issue rating on HellermannTyton's senior secured notes, issued by HellermannTyton Finance plc, by one notch, in conjunction with the upgrade of the parent. The recovery rating on this debt remains unchanged at 3, indicating an expectation of meaningful (50%-70%) recovery in the event of a payment default.

The ratings were removed from CreditWatch, where they were placed with positive implications on Nov. 26.

S&P said the upgrade primarily reflects a positive reassessment of the company's profitability indicators, as part of HellermannTyton's business risk profile.

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